2011 Mobile Banking Financial Institution Scorecard: Money Begins to Move on Mobile
Javelin Strategy & Research, November 2011, Pages: 63
Consumer satisfaction with mobile banking is high and adoption is soaring as financial institutions move beyond mobile monitoring and into money movement with mobile P2P transfers and mobile remote deposit capture offerings. Javelin’s third Mobile Banking Scorecard examines the 23 mobile banking offerings of the 25 largest retail banking financial institutions measured by deposits. Detailed assessments of more than 60 different criteria were collected, weighted, and tabulated for comparison. Mobile banking strategies and recommendations for financial institutions are outlined in the report. The survey covered the key areas of mobile banking: mobile access, general features, SMS text features, marketing, and security. Based on a quantitative assessment of the criteria, the best-in-class mobile banking services were identified and awarded a gold, silver, or bronze status.
Primary Questions
- What mobile banking products and services are banks offering, and how have they changed over the past year?
- Which banks provide the most complete mobile banking offerings?
- Who are the industry leaders in mobile banking?
- What do consumers want in mobile banking?
- How are financial institutions’ mobile banking strategies changing over time and why?
- What is the future of mobile banking?
Methodology
The selection of financial institutions was made based on deposits as of March 31, 2011.1 Of the top 25 largest retail FIs by deposit, 23 offer mobile banking for a penetration rate of 92%.2 (Refer to Figure 1.) The only two that did not offer mobile banking were HSBC and Sovereign Bank (part of Banco Santander). In 2009, Javelin had to review 40 financial institutions to find 19 with mobile banking; in 2011, Javelin only needed to review 25 institutions to identify 23 with mobile banking.
Methodology
Criteria and Weighting
Executive Summary
SIDEBAR: 2011 Mobile Banking Recap
Mobile Banking Overall Winners
Mobile Banking Offerings by Type
Satisfaction With Mobile Banking
Mobile Access
Mobile Access Category Winners
Mobile Access and Its Challenges—Smartphones
Category Winner for Aggregated Consumer App Ratings
Tablets
Mobile Banking Features and Functionality
Mobile Banking Features and Functionality Category Winners
Money Begins Moving Within the Bank—and Between Banks
Mobile P2P
Advanced Features
Mobile Remote Deposit Capture
SMS Text Banking and Alerting
SMS Text Category Winners
SMS Text and Alerting Overview
Security
Mobile Must Be Made SAFE & SECURE
Marketing
Financial Institutions’ Detailed Comparison Charts
Appendix
Companies Mentioned
Table of Figures
Figure 1: Mobile Banking Penetration Among FIs
Figure 2: Mobile Access Scoring Criteria
Figure 3: Scoring Criteria for General Features
Figure 4: Scoring Criteria for SMS Text Features
Figure 5: Scoring Criteria for Security
Figure 6: Scoring Criteria for Marketing
Figure 7: Mobile Consumers Conducting Mobile Banking Longitudinal, 2009–2011
Figure 8: Who is a ‘Mobile Banker’?
Figure 9: Reasons for Not Mobile Banking
Figure 10: Top Overall Winners
Figure 11: Overall Top Mobile Banking Scorecard Winners
Figure 12: Overall Mobile Banking Scores
Figure 13: Financial Institutions’ Mobile Banking Offerings, 2009–2011
Figure 14: Consumer Use of Mobile Phone Features
Figure 15: Consumer Satisfaction With Mobile Banking
Figure 16: Why Consumers Are Dissatisfied With Mobile Banking
Figure 17: Financial Institutions’ Top Mobile Banking Weighted Access Scores
Figure 18: Financial Institutions’ Weighted Mobile Banking Access
Figure 19: Longitudinal View of Smartphone OS Adoption in the US, 2009–2011
Figure 20: Bank Offerings of Downloadable Apps by Operating System for Smartphones and Tablets
Figure 21: Financial Institutions’ iPhone App Ratings From App Stores
Figure 22: Consumer Adoption of Tablets by Operating System
Figure 23: Screenshot of Citibank’s iPad App
Figure 24: Weighted Scoring of Mobile Banking Features Offered by FIs—Top Scores
Figure 25: Weighted Scoring of Mobile Banking Features Offered by FIs—All Scores
Figure 26: Basic Features of Bank Offerings by Mobile Monitoring, Money Movement, and Advanced Capabilities
Figure 27: Screenshot of Chase QuickPay
Figure 28: Screenshot of Virtual Wallet by PNC
Figure 29: Weighted SMS Text Banking Feature Scores—Category Winners
Figure 30: Weighted SMS Text Banking Feature Scores: All FI Ratings
Figure 31: Consumer Adoption of Smartphone vs Non-Smartphone, 2009–2011
Figure 32: SMS by Features
Figure 33: Screenshot of Wells Fargo Text Banking
Figure 34: Security and Messaging Top Scores
Figure 35: Weighted FIs’ Scores for Mobile Banking Security and Messaging
Figure 36: Consumer Rating of the Safety of Mobile Banking
Figure 37: Security Messaging and Basic Feature Offered by FIs
Figure 38: Marketing by Features
Figure 39: Weighted Mobile Banking Marketing—Top Scores
Figure 40: Weighted Mobile Banking Marketing—All Scores
Figure 41: FI Mobile Banking Access Detailed Comparison
Figure 42: FI Downloadable Smartphone App Detailed Comparison
Figure 43: FI Features: Mobile Banking Web or App Mobile Monitoring Detailed Comparison
Figure 44: FI Features: Mobile Banking Web or App Money Movement Detailed Comparison
Figure 45: FI Features: Mobile Banking Web or App Advanced Features Detailed Comparison
Figure 46: FI SMS Text Alerts Detailed Comparison
Figure 47: FI SMS Text Banking Features Detailed Comparison
Figure 48: FI Mobile Banking Marketing Detailed Comparison
Figure 49: FI Mobile Banking Security and Messaging Detailed Comparison
Figure 50: Mobile Banking Offerings by Mode: Smartphone App, Browser-based, SMS text, Tablet App, Triple Play
Figure 51: Consumer Method Used to Conduct Mobile Banking
Figure 52: Consumer Frequency of Mobile Banking
Figure 53: Mobile Banking Adoption by All Mobile Consumers vs Smartphone Owners
Figure 54: Mobile Phone Features Used by Consumers, 2011
Figure 55: Products and Services Owned: Tablets and E-Readers
Figure 56: Percent of FIs Offering Android, BlackBerry, and iPhone Apps, 2010 to 2011
Figure 57: Consumers’ Wireless Providers
Figure 58: Consumer Desire to Use Mobile Phone for Other Purposes
- Amazon
- ING Direct
- Appcelerator
- JPMorgan Chase
- Apple
- KeyBank
- AT&T
- Kony Solutions
- Banco Santander
- LivingSocial
- Bank of America
- M&T
- Bank of the West
- Nokia
- Barnes and Noble
- PhoneGap
- BB&T
- PNC Bank
- BBVA Compass
- Regions Bank
- Capitol One
- Sprint
- Citibank
- SunTrust Bank
- Citizens Bank
- TD Bank
- Comerica
- U.S. Bank
- Fifth Third Bank
- Union Bank
- Google
- USAA
- Groupon
- Verizon
- HP
- Wells Fargo
- Huntington Bank
- Zions Bank
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