Mobile Banking is On the Move: Consumer Adoption Jumps Almost 60% in 2011

Oct 19th, 2011 | By | Category: Featured Articles

Javelin’s Third Annual Review Scores the Vendor Offerings FIs Need Now – and Consumers Demand – for Effective and Secure Mobile Banking

SAN FRANCISCO–(BUSINESS WIRE)–Javelin Strategy & Research’s latest research report — “2011 – 2012 Mobile Banking Vendor Scorecard: Mobile Banking Has Moved from a “Nice-to-Have” to a “Must-Have” Channel” — analyzes best practices and top trends in this rapidly shifting industry and reveals the best mobile banking solutions available today. Javelin scored the offerings of 15 major vendors, using data from surveys conducted with more than 10,000 consumers and executive interviews with six financial institutions (FI). The report provides strategic guidance to FIs for development of their mobile banking strategies and selection of vendors and key insights on critical features and functionality for vendors when designing the next versions of their solutions.

“2011 – 2012 Mobile Banking Vendor Scorecard: Mobile Banking Has Moved from a “Nice-to-Have”

Javelin highlights a number of trends which will significantly affect mobile banking for FIs, vendors, and consumers. After two years of flat growth, consumer mobile banking jumped from 19% to 30% in 2011, corresponding to a rise in FIs offering mobile banking and an increase in consumer smartphone ownership. 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.

“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,” notes Mary Monahan, Executive Vice President and Research Director, Mobile, at Javelin. “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. Javelin also identified those operating systems that vendors will need to support, as well as the mobile banking features that consumers want.

“The results are in,” said James Van Dyke, President, Javelin. “Fiserv, FIS and Sybase received the highest scores. Fiserv won “Best in Class”, while mFoundry won “Path to Mobility”. With all these industry changes, it will be interesting to see how vendors fare in next year’s report.”

Selected Key Report Findings – 2011 – 2012 Mobile Banking Vendor Scorecard

  • In-depth individual profiles and detailed comparisons of 15 mobile banking vendors
  • The operating systems vendors will need to support and why
  • How tablets will alter mobile banking forever

Contact

For more information about this or other Javelin reports, please contact Crystal Mendoza at (925) 225-9100 ext. 35 or cmendoza@javelinstrategy.com or visit www.javelinstrategy.com/research.

To arrange an interview with a research analyst and/or view available research (available to qualified members of the media), please contact Crystal Mendoza at (925) 225-9100 ext. 35 or cmendoza@javelinstrategy.com.

About Javelin Strategy & Research

Javelin Strategy & Research is the leading provider of quantitative and qualitative research focused on the global financial services industry. Our extensive quantitative data and deep analyst experience enable us to forecast the direction of the financial services market and make recommendations that empower you and your business to succeed.

Contacts

Javelin Strategy & Research
Crystal Mendoza, 925-225-9100 ext. 35
cmendoza@javelinstrategy.com
www.javelinstrategy.com/research

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