18 April 2015

Mobile services no longer just a 'nice-to-have' for banks - Javelin

05 October 2011  |  7614 views  |  0 Wells Fargo M-banking

Mobile banking is no longer just a 'nice-to-have' channel for financial services firms, it has become a 'must-have', used by nearly a third of Americans, according to Javelin Strategy & Research.

In a report based on surveys of more than 10,000 people and interviews with executives at six financial institutions, Javelin says that after two years of flat growth, consumer mobile banking jumped from 19% to 30% in 2011.

This rise has mirrored increased numbers of banks offering mobile services and the growth in popularity of smartphones. Meanwhile, the triple play - mobile banking via text, browser, and downloadable apps - is emerging as the new norm, with four out of five vendors now offering it.

Security continues to be the main concern holding adoption back, with almost half of consumers citing it as the main reason they do not use mobile banking.

Out of 15 vendors ranked by Javelin, Fiserv have been awarded 'best in class' with FIS and Sybase also scoring highly and mFoundry winning the 'Path to Mobility' award.

Mary Monahan, research director, mobile, Javelin, says: "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."

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

28 September, 2011
27 September, 2011
19 September, 2011
14 September, 2011
10 August, 2011
22 July, 2011
20 October, 2010
06 August, 2010

Related company news

 

Related company information

Fiserv, Inc.

Top topics

Most viewed Most shared
UK banks covering up cybercrime losses - C...
6614 views 13 comments | 26 tweets | 13 linkedin
BBVA buys UX firm Spring Studio
6284 views comments | 32 tweets | 17 linkedin
Card is king as cash usage continues to fa...
6069 views comments | 22 tweets | 14 linkedin
Digital and core renewal to drive bank IT...
4709 views comments | 32 tweets | 25 linkedin
World Bank reports big drop in numbers of...
4441 views 10 comments | 36 tweets | 12 linkedin

Featured job

up to £95K base, £190K OTE, benefits
London, UK

Find your next job