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Online, mobile banking market set for impressive growth

The market for online and  mobile banking will soon experience impressive grow

Revenue produced by the online and mobile banking market is expected to grow six-fold between 2010 and 2014 as consumers increasingly turn to such channels to conduct their financial activities, according to the Internet Banking & Mobile Banking study, recently added by Research and Markets

Revenue produced by the online and mobile banking market is expected to grow six-fold between 2010 and 2014 as consumers increasingly turn to such channels to conduct their financial activities, according to the Internet Banking & Mobile Banking study, recently added by Research and Markets.

At the end of 2010, the market for such solutions reached about $10 billion, according to the report. In just two more years, it's expected to top $63 billion.

"Consumers value convenience. Consumers appreciate being able to manage all their finances in one place and in real time," the report said. "Banks can increase engagement by offering easy-to-use tools to help consumers meet their financial needs."

However, the security of their information remains a roadblock for consumers' embrace of online banking and is one area that financial institutions must focus on.

A separate recent report from analysts at Ovum revealed that spending on banking technology will remain strong, even amid an economy that continues to struggle. According to the firm's research, spending in this area will reach $135 billion a year during the next five years.