With mobile phone growth spreading rapidly across the world, the next huge growth area is set to be mobile banking. Research carried out by Berg Insight into mobile banking reveals some striking figures. According to the company, in 2008 there were 20 million mobile banking users across the globe. However, by 2014 there will be an estimated 900 million, representing an enormous growth in popularity.

The research went into detail about the findings, and revealed that 65% of all mobile banking customers will be in the Asia Pacific region, representing by far the biggest growth area. It also highlighted Africa as a large growth area because it will provide people with far greater access to financial services without the need to have a bank account.

Mobile banking is seen as something quite different in the developed world. Although the research suggested that more and more people are using their mobiles to access the Internet and will therefore start to access mobile banking more as well, it will be a natural progression for them and will not have the same implications as it will in the developing world. According to the figures, the USA will have 80 million users by 2014, and Europe will have 110 million.

The telecom analyst at Berg Insight, Marcus Persson, said that mobiles are in “an excellent position” to allow them to become the “primary digital channel” for accessing banking and financial services across the world.

This technology could really open up the world of banking to people who have previously been unable to make use of financial services due to them not possessing a bank account. Whereas in the West it will make life a bit easier, in the developing world it could change people’s lives considerably.