According to the research , adoption of mobile banking by new customers is now entering an exceptionally "rapid phase".
"The number of mobile banking users globally is forecast to double to 1.8 billion, over 25 per cent of the world's population, in the next four years," the report said.
The report noted that "adoption rates are highest in developing countries - reaching about 60-70 per cent in India and China - rather than developed nations such as the USA, Canada and the UK."
The report warned that banks which do not have clear mobile banking strategies may lose customers and cross-sell opportunities in the short-term, as well as risk jeopardising competitive advantage.
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"Indian customers demonstrate the highest likelihood of changing banks driven by the availability of better mobile banking services," the report said.
As per the report, banks are increasingly adopting 'mobile first' strategy and large banks are already acquiring technology start-ups to keep up with the rapid pace of change and growth of challenger banks.
"Customer experience and frictionless engagement will likely remain key drivers for adopting mobile banking. The winners may have to invest as much as in creating a strong perception of security as they may be required to implement technical security measures," Akhilesh Tuteja, Partner and Head of IT Advisory services at KPMG India said.