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."