The evolution of technology has brought on an onslaught of change to the banking industry, with banks becoming more convenient and consumer-friendly through mobile strategies, according to an article from Business Insider.

The article says banks have become more competitive in order to stay ahead of other financial institutions.

Currently, the mobile-banking user base is expected to grow 18% each year until reaching more than 1 billion users by 2017. By the end of this year, 590 million consumers will be using the technology.