Boston, November 17, 2011 – A new report from Aite Group analyzes global vendors that offer mobile banking solutions via SMS text banking, mobile browser, and rich-client application. Based on 21 Aite Group interviews with mobile-banking vendors and their financial-institution clients, the report compares product features for decision-makers at financial institutions, analyzes the strengths and weaknesses of 21 vendors, and recommends vendors for financial institutions of various sizes.
Large financial institutions throughout the United States and Europe are currently replacing first-generation mobile solutions; small- to mid-tier financial institutions, on the other hand, are just beginning their journey into the mobile landscape. In order to succeed, financial institutions of all sizes must view mobile as a unique channel whose value proposition differs from that of online banking. The value of real-time, actionable information is paramount to mobile consumers, who are likely to view and react to their financial information immediately upon receipt. The ability to optimize the features and user experience of a mobile device will be expected from a rapidly expanding and increasingly savvy population of smartphone and tablet users.
“Until a few months ago, vendors offered only components of mobile technology,” says David Albertazzi, senior analyst with Aite Group and author of this report. “Today, most offer a combination of three access platforms: text banking, mobile browser, and rich-client application. Early-adopter financial institutions were forced to choose between these three different technologies. Today, many financial institutions are looking to consolidate their offerings and re-evaluate their entire mobile banking strategy.”
The vendors profiled in this report are Clairmail, First Data, FIS, Fiserv, Fundamo, Harland Financial Solutions, Infosys, Intuit Financial Services, Jack Henry & Associates, mFoundry, Monitise, MShift, Online Resources, Q2ebanking, S1 Corporation, Sybase, Tata Consultancy Services (TCS), Temenos, Tyfone, Wipro, and Yodlee.
This 92-page Impact Report contains 33 figures and 32 tables. Clients of Aite Group’s Retail Banking service can download the report by clicking on the icon to the right.