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2010 Mobile Banking Vendor Analysis: Detailed Comparison of Top 12 Providers and Strategies to Address Market Shifts
Javelin Strategy & Research, June 2010, Pages: 59
Mobile banking has now been around for 10 years. Although it is here to stay this time around, consumer adoption is still a challenge for the industry and the onus is on financial institutions to help drive adoption as they own the customer.
This report aims to:
- Provide financial institutions (FIs) with a guideline for their mobile banking strategies
- Provide FIs with an overview of the key mobile banking vendors that are active in the United States
- Provide an overview and ranking of the product functionality offered by the 12 mobile banking vendors surveyed
- Identify the various modes of mobile banking (mobile browser, SMS text banking and smartphone applications) and which ones seem to be gaining more traction among consumers
- What are the key criteria FIs should consider when crafting their mobile banking strategy?
- What are the various mobile banking offerings, and which ones do consumers seem to be using?
- Competitive analysis of 12 vendors that offer mobile banking platforms via browser-based solutions, downloadable applications, SMS texting and smartphone applications. Of the 12 vendors analyzed, who scored the best?
Financial institutions: mobile banking, marketing; mobile banking vendors, mobile network operators.
The History of Mobile Banking in North America
- 1999 – 2003
- 2005 to 2007 – Déjà vu?
- 2007 and Onward
U.S. Demographic Shifts
Key Criteria FIs Should Consider When Crafting Their Mobile Banking Strategy
Mobile Banking Vendor Profiles
- Explanation of Vendor Analysis, Target Grid and Vendor Rankings
- Criteria Used To Rank Vendors
Mobile Banking Vendor Profiles
- Firethorn (Qualcomm)
- Harland Financial Solutions
- Jack Henry & Associates
- Monitise Americas
Appendix A – iPhone and Android Owners Penetration Among Mobile Bankers
Appendix B – Smartphone Penetration vs. Mobile Phone Penetration
Appendix C – Consumer Mobile Banking Adoption
Appendix D – Vendor Functionality-Detailed
List of Figures
Figure 1: Summary of Vendor Rankings
Figure 2: Early Devices That Supported Mobile Banking
Figure 3: Technology S Curve
Figure 4: Mobile Phone Users Vs. Personal Computers Per-100 Population
Figure 5: Types of Mobile Banking Access
Figure 6: Why Certain Mobile Phone Owners Have Not Tried Mobile Banking
Figure 7: Top 10 Paid and Free Financial Applications – Apple App Store
Figure 8: Smartphone Market Share By Handset Manufacturer
Figure 9: Smartphone Penetration vs. Feature Phone Penetration
Figure 10: Mobile Banking Smartphone Usage
Figure 11: How Consumers Access Mobile Banking Data
Figure 12: Financial Applications Are Already Available for the iPad
Figure 13: US Demographic Projections
Figure 14: Mobile Banking Usage by Ethnicity
Figure 15: Mobile Banking Users by Ethnicity - Received a Financial Alert by E-mail
Figure 16: Mobile Banking Users by Ethnicity - Received a Financial Alert by SMS
Figure 17: Sample Vendor Target Grid
Figure 18: Sample Vendor Comparison Table
Figure 19: Mobile Banking Percentage by Smartphone
Figure 20: Mobile Phone and Smartphone Penetration Among U.S. Adults for March 2008 to March 2010
Figure 21: Consumer Adoption of Mobile Banking
Figure 22: Vendor Functionality Detailed
This report is based mainly on data collected online from a random sample panel of 5,211 households in March 2010. The survey targeted respondents based on representative proportions of gender, age and income compared to the overall U.S. online population. Overall margin of sampling error is ±1.36% at the 95% confidence level.
This report is also based on data collected online from a random sample panel of 3,000 respondents with mobile phones in July 2009, with an overall margin of sampling error of ±1.79 percentage points at the 95% confidence level.
The data in this report is further based on information collected during April and May 2010. A total of four FIs and 12 vendors were surveyed, and executive interviews were conducted. The 12 vendors were analyzed on a ten point scale, with 6 points allocated to product functionality, security, and back office channel management. Three points were allocated to methods of access provided. One point was given if the vendor had a strategic partnership in place with organizations that can assist the vendor with sales and implementation of their offerings.
The six points that analyze product functionality, security, and back office and channel management are broken down as follows. Product functionality (60%), security (20%), and back office and channel management (20%). A one through six score was applied in regards to the above weighted score by the following criteria.
- 0 points: More than two standard deviations lower than the mean
- 1 point: More than one standard deviation lower than the mean
- 2 points: Less than one standard deviation lower than the mean
- 3 points: Equal to the mean
- 4 points: Less than one standard deviation above the mean
- 5 points: More than one standard deviation from the mean
- 6 points: More than two standard deviations from the mean
The majority of Javelin data for online banking financial alerts is based on “online households” vs. “individual consumers.” This is a typical way of presenting online banking data because account management is typically collected on a per-household basis.
In 2009, the U.S. population was estimated to comprise 307 million people. That includes 232 million adults, 118 million households, and 87 million households that are online. On average, there are about 2.6 people per household. Javelin also collects online banking data using a base of all consumers for comparison purposes.
- ClairMail Mint
- American Express Monitise Americas
- Android Motorola
- Apple MShift
- AT&T NCR Corp.
- Bancorp South PayPal
- Bank of America RIM
- Bank of Montreal Samsung
- Bloomberg Sprint
- Chase SunTrust
- Citibank Sybase
- CNBC Symbian
- E*Trade T-Mobile
- Firethorn (Qualcomm) Tyfone
- First Bank US Bank
- FIS USAA
- Fundamo Verizon
- Harland Financial Solutions Wachovia
- HTC Wells Fargo
- Jack Henry & Associates Windows
- M-Com/Fiserv Western Union
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