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2011 Mobile Banking Financial Institution Scorecard: Money Begins to Move on Mobile Product Image

2011 Mobile Banking Financial Institution Scorecard: Money Begins to Move on Mobile

  • ID: 2050489
  • November 2011
  • 63 Pages
  • Javelin Strategy & Research

FEATURED COMPANIES

  • Amazon
  • Bank of the West
  • Citizens Bank
  • Huntington Bank
  • M&T
  • SunTrust Bank
  • MORE

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 READ MORE >

Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Amazon
  • Bank of the West
  • Citizens Bank
  • Huntington Bank
  • M&T
  • SunTrust Bank
  • MORE

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

Note: Product cover images may vary from those shown

- 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

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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