2011 – 2012 Mobile Banking Vendor Scorecard: Mobile Banking Has Moved from a “Nice-to-Have” to a “Must-Have” Channel
- ID: 2050485
- October 2011
- 76 Pages
- Javelin Strategy & Research
After a pause in 2010, consumer adoption of mobile banking skyrocketed by 60% in 2011 as hundreds of new banks went live with their mobile offerings. In this third annual review, Javelin provides a highly detailed analysis and ranking of the mobile banking solutions of 15 major vendors and identifies detailed best practices and the “top 10 trends” for the industry. Intended for both financial institutions and vendors, this report should be used as a guideline for those institutions developing their mobile banking strategies and/or involved in selecting a vendor. Additionally, this report provides mobile banking vendors with sound principles, evidence-based guidelines, and thorough strategies for further building out their solutions into the future. Topics covered include consumer adoption by mode, analysis of iOS, Android, BlackBerry, and Windows Mobile operating systems, mobile remote deposit capture, mobile tablets (some surprising findings here), and each vendor’s path to mobile payments.
- What are key criteria financial institutions should consider when developing their mobile banking strategy?
- Which vendors have the best mobile banking vendor solutions in the industry?
- How have vendors changed their practices since 2010 and why?
- Which practices have been widely adopted by vendors, and which practices should be adopted?
- Where is the industry heading? What are best practices for the future?
- Which operating systems do vendors need to support and why?
This report is based on data collected online from a random-sample panel of:
- 5,102 households in March 2011. 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 ±1.37 percentage points at the 95% confidence level.
- 3,180 respondents with mobile phones in June 2011, with an overall margin of sampling error of ±1.74 percentage points at the 95% confidence level.
- 2,304 respondents in August 2011, with an overall margin of sampling error of ±2.04 percentage points at the 95%
The data in this report is further based on information collected during July and August 2011. Executive interviews were conducted with six FIs and 17 vendors.
This report includes a comparison and ranking of 15 mobile banking vendors, including Clairmail, FIS, Fiserv, Harland Financial Services, Intuit, Jack Henry, Kony, mFoundry, Monitise Americas, ORCC, Q2ebanking, S1, Sybase 365, Tyfone, and Yodlee. Infosys was included as a new entrant this year but not scored and, therefore, its offering was not included in the vendor comparison tables.
Financial institutions: mobile banking, marketing; mobile banking vendors, mobile network operators. SHOW LESS READ MORE >
Top Ten Trends for Mobile Banking Vendors
The Vendor Results
Consumer Adoption Update
Smartphone Crossover Is Imminent
Triple Play Needed to Reach Mobile Constituency
Application Banking Most Popular
Which Operating Systems Will Triumph?
The Critical Importance of Security to the Mobile Channel
Mobile Remote Deposit Capture
Tablets Are the New Opportunity
Mobile Banking Vendors
Harland Financial Solutions
Online Resources (ORCC)
Table of Figures
Figure 1: Total Points and Percentage Weights Available by Category
Figure 2: Total Scoring Example and Interpretation
Figure 3: Overall Vendor Scores
Figure 4: Mobile Consumers Conducting Mobile Banking Longitudinal 2009 – 2011
Figure 5: Mobile Banking Adoption by All Mobile Consumers vs Smartphone Owners
Figure 6: Feature Phone vs Smartphone Adoption 2009 – 2010
Figure 7: Percent of Mobile Banking Vendor Offerings by Mode
Figure 8: Mobile Phone Features Used by Consumers, 2011
Figure 9: Financial Institutions Surveyed by Type of Mobile Banking Offered
Figure 10: Longitudinal View of OS Adoption in the US, 2009 – 2011
Figure 11: Number of Apps vs Installed Base by Platform 2011
Figure 12: Reasons for Not Mobile Banking by All Mobile Consumers vs Smartphone Owners
Figure 13: Percent of Mobile Banking Vendors Offering Mobile RDC
Figure 14: Products and Services Owned: Tablets and E-Readers
Figure 15: Consumer Adoption of Tablets by Operating System
Figure 16: Vendor Comparison: Basic Features
Figure 17: Vendor Comparison: Basic Features II
Figure 18: Vendor Comparison: Alerts, IP, and Aggregation
Figure 19: Vendor Comparison: Back-Office Capabilities
Figure 20: Vendor Comparison: Security
Figure 21: Vendor Comparison: Platforms
Figure 22: Vendor Comparison: Scalability
Figure 23: Vendor Comparison: Market, Apps, and Operating Systems (OS)
Figure 24: Vendor Comparison: Tablets
Figure 25: Vendor Comparison: Mobile Remote Deposit Capture
Figure 26: Mobile Consumers Conducting Mobile Banking, 2009 – 2011
Figure 27: Mobile Banking Use by Smartphone Owners and All Mobile Consumers
Figure 28: Frequency of Mobile Banking Usage by SMS Text, Browser, or Downloadable Apps
Figure 29: Consumers’ Perceived Security of Mobile vs Laptop Transacting
Figure 30: Desirability of Mobile Remote Deposit by Various Types of Smartphone Owners
Figure 31: Tablet Banking by Tablet Owners
Figure 32: Consumer Desire to Use Mobile Phone for Other Purposes
Figure 33: Percent of Mobile Banking Vendors Offering Basic Features
Figure 34: Percent of Mobile Banking Vendors Offering Advanced Features
- Online Resources (ORCC)
- Harland Financial Solutions
- Hewlett Packard
- Sybase 365
- Jack Henry