Javelin Strategy & Research’s third annual Mobile Banking
Vendor Scorecard survey concludes that the mobile channel has moved
from a ‘nice-to-have’ to a ‘must-have’ channel.
Javelin scored the offerings of 15 major vendors, using data
from surveys conducted with more than 10,000 consumers and
interviews with six financial institutions (FI).
Fiserv, FIS and Sybase received the highest scores. Fiserv
won best in class, while mFoundry won “Path to Mobility”.
It is the second consecutive year that Fiserv achieved top
place.
The triple play – mobile banking via SMS text, mobile browser,
and downloadable apps – is emerging as the new norm, with four out
of five vendors now offering it.
However, security remains a top concern, as almost half of
consumers cite fear of security as the main reason they do not use
mobile banking.
Mary Monahan, executive vice president and research director,
mobile, at Javelin, said:
“Mobile banking, once considered a ‘nice-to-have’, is now a
‘must-have’ for FIs who want to stay competitive and meet growing
consumer demand for this channel.
“Our research provides key insights into how industry trends
will shape mobile banking and what steps FIs and vendors need to
take to stay ahead of these changes.”
Vendors seeking market leadership will also need a thorough
understanding of how to incorporate these trends into the
development of their solutions. For example, the mobile banking
industry is consolidating, with players bringing mobile
technologies in-house.
Tablet adoption by consumers is growing at a tremendous rate,
and FIs and vendors will need to provide access to mobile banking
specifically designed for tablet users.
The 15 vendors compared were, in alphabetical order:
Clairmail, FIS, Fiserv, Harland, Intuit, Jack Henry, Kony,
mFoundry, Monitise, ORCC, Q2ebanking, S1, Sybase 365, Tyfone,
and Yodlee. Infosys was included as a new entrant this year but not
scored.
“Fiserv made a number of strategic mobile acquisitions in the
past 12 months to enhance its organisational edge and mobile
capabilities,” said Monahan.
“These acquisitions combined with other strategic partnerships
give Fiserv’s newly renamed and repackaged Mobiliti mobile solution
the bandwidth to offer advanced functionality and money movement
capabilities.”
Erich Litch, division president, Digital Channels, Fiserv,
said:
“Adoption of our Mobiliti solution is accelerating as more
financial institutions recognise the central role the mobile
channel will play in customer relationships.”
