Abstract
Overview
Banks and credit unions face daunting challenges if they want to develop a successful mobile-banking system - starting with how to define what customers want and how to set short- and long-term strategies that will satisfy their needs. Even then, however, one question looms large: How to evaluate the multitude of vendors angling for their business? This report analyzes 13 global vendors that offer U.S. mobile-banking platforms for SMS text, mobile browser and downloadable applications, compares product features and summarizes key information necessary for decision-makers. The report covers ClairMail, Clickatell, Firethorn, Fronde Anywhere, Harland Financial Solutions, Jack Henry, M-Com, mFoundry, Monitise Americas, MShift, Sybase 365, Tyfone and Yodlee.
Primary Questions
- What do consumers want most from mobile banking?
- What are the main benefits and hurdles of rolling out mobile banking?
- How do financial institutions develop a mobile-banking strategy?
- What distinguishes the 13 vendors selling platforms based on SMS texting, browser-based solutions and downloadable applications?
Audience:
- Financial institutions: online banking/eCommerce, mobile banking, marketing, channel strategists;
- Vendors: mobile-banking platform providers, online-banking platform providers, mobile-phone carriers; Wireless carriers and mobile-device manufacturers.
Report Statistics
- Length: 76 pages, 7 charts/graphs, 13 vendor profiles
Methodology
The consumer data in this report is based on data collected online from two random samples of respondents in March 2008. The first survey targeted 2,714 respondents based on representative proportions of gender, age and income as compared to the overall U.S. online population. Overall margin of sampling error is ±1.9 percentage points at the 95% confidence level. The second survey targeted 2,350 online heads of household targeted on the same criteria with a margin of sample error of ±2.0% percentage points at the 95% confidence level.
Vendor data is based on a survey collected from executives with each of the 13 mobile-banking vendors analyzed. Vendor information was derived from those executive interviews, as well as interviews with banking executives.
Table of Contents
- Overview
- Primary Questions
- Findings and Analysis
- Methodology
- Executive Summary
- Technology Shifts Create Fertile Opportunity
- Three Access Solutions Are Central to Strategy
- Focus on What Consumers Will Want
- Core Financial Services Providers Will Lead
- Wireless Carriers: Friend or Foe?
- Four Steps to A Mobile Strategy
- Identify What Your Customers Want
- Define Your Mobile Banking Strategy
- Choose the Technology Solutions (s) That Best Suit Your Needs
- Q&A: The Story Behind WellsFargo' s ' Triple Play' Strategy
- Select a Vendor
- Explanation of Vendor Analysis and Target Grid
- Mobile-banking Vendor Profiles
- ClairMail
- Clickatell
- Firethorn Mobile
- Fronde Anywhere
- Harland Financial Solutions
- Jack Henry
- M-Com
- mFoundry
- Monitise Americas
- MShift
- Sybase 365
- Tyfone
- Yodlee
- Appendices
- Mobile Banking Lexicon
Table of Figures
- Figure 1: Forecast of Availability, Likelihood That Consumers Will Use Mobile Banking
- Figure 2: Why Vendors Say Financial Institutions Stand to Gain From Mobile Banking
- Figure 3: Texting is Routine for Younger Consumers
- Figure 4: Vendors say Security Fears, Lack of Executive Support are Holding Back Mobile Banking
- Figure 5: Vendors say U.S. Consumers Expect General Mobile-Banking Services to be Free
- Figure 6: Vendors Say U.S. Consumers Will Pay for Special Mobile-Banking Services Such as Expedited Payments
- Figure 7: The 5 Most Common Mobile-Banking Transactions
