Having won over the early adopters, has mobile banking hit a wall in terms of converting new users?
Proponents have argued that the notion is nonsense and the technology is still in its early days in what may eventually become the primary banking channel as the convenience of on-the-go banking continues to grow in popularity. However, several recent studies revealed proof that mobile banking may have plateaued.
Detractors point to a Federal Reserve study, Consumers and Mobile Financial Services 2014 as evidence that mobile banking is on its way to peaking. According to the data, the share of smartphone users who have made a mobile payment in the past 12 months has remained constant at 24% compared to 14% for all consumers.
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