A Research predicts that the number of mobilephone users who undertake their banking transactions using their mobile phones will increase almost upto tenfold over the next 4 years which is more than 816 million phone users who will opt for mobile banking services by the year 2011.

This explains everything why the financial and banking services organisations have rapidly increased offering more mobile services and products which includes financial information services, mobile account management, bill payment via mobile and valued customer service. According to the survey, the most number of people using mobile banking services will favor largely the financial information, while it is being predicted that the average mobile banking transactions value will almost double between the years 2007 and 2011.

A detailed research undertaken last year showed that 2.7 billion was the number of banking transactions made using mobile phones. However, this number will soon be forgotten when it is expected to hit 37 billion by the year 2011 and the only reason for this mega rise in the number of transaction would be because of introduction of modern and sophisticated services.

Another factor adding an extra niche to the services would be triggred by better consumer confidence and good reliability due to innovative security measures. The research predicts that region-wise, the biggest number of mobile banking services transactions would come from countries like China, the Far East, and followed by Western Europe and India.

This is good news for sure, but this is not all because there are still certain obstacles that surely need to be overcome which will favor mobile banking. These include ready customer support, transaction cost and other financial regulations. But surely, theres lot to come!