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11th October 2011

Mobile banking software ranked

Javelin Strategy and Research released its 2011-2012 Mobile Banking Vendor Scorecard. The report ranks 15 major vendors and identifies the top 10 industry trends. Vendors were scored on market, applications and operating systems; platforms and scalability; basic features; alerts and advanced functionality; back office; security; and reviews, partners and installations. The top three in order were Fiserv, FIS and Sybase. It is the second consecutive year that Fiserv has achieved top place. The research is US based though some of the conclusions have a wider relevance.


In the trends section the report notes the pace of vendor consolidation. 'Triple Play', the ability for a platform to cope with SMS Text, mobile browsing and Apps and remote deposit capture. There is a significant fear regarding security by many banking customers. There is also a belief that mobile banking is less secure than other forms of internet banking.


Mary Monahan, the author of the report and executive vice president and research director for mobile at Javelin, says that education will be key to changing consumer perception of mobile banking:
"Vendors say application banking is the most secure but customers think browsers are the most secure because they're used to banking that way. We're going to have to educate consumers on the channel that's being provided. We're also going to have to offer multiple modes of mobile banking."

In addition, banks and vendors must treat it as its own channel, says Monahan. "It's not online banking. Bring out products that illustrate the value of the channel," she explains. "People don't see the value of mobile banking right away. They think online banking is good enough."


The 15 providers compared were Clairmail, FIS, Fiserv, Harland Financial Services, Intuit, Jack Henry, Kony, mFoundry, Monitise Americas, ORCC, Q2ebanking, S1, Sybase 365, Tyfone, and Yodlee. Infosys was included as a new entrant this year but not scored and, therefore, its offering was not included in the vendor comparison tables. Over 10,500 respondents were interviewed in three waves carried out in March, June and August of this year.