The study by TowerGroup estimates that the number of active mobile banking users will grow from ten million this year to over 53 million by 2013 - a compound annual growth rate of 51.8 per cent.
"As economic concerns prompt consumers to manage their finances more closely, their desire for real-time access to and control of their aggregated financial information is increasing the urgency for banks to create a mobile banking channel," the report said.
The proliferation of mobile devices will also create new opportunities to develop the market, as well as giving banks the chance to introduce increasingly sophisticated services that take advantage of smart phone technology, it added.
At present, TowerGroup said many banks aim mobile services at existing internet banking clients but the report encourages financial institutions to target those outside their existing customer base, particularly those with no bank accounts and Generation Y, who want self-service, innovation and paperless, electronic transactions.
Research from the Mobile Marketing Association shows the most common mobile banking services include balance enquiries, transfers, bill payments and mortgage alerts.