Financial research firm Javelin Strategy & Research (www.javelinstrategy.com) released today a new study that analyzes 13 global vendors offering U.S. mobile-banking platforms for SMS text, mobile browser and downloadable applications. The report, titled, Mobile Banking Vendor Analysis, compares product features, partnerships and overall strategy for each provider. “As banks and credit unions begin to roll out mobile banking solutions for customers, they have to manage a complex landscape of vendor offerings,” said Jim Van Dyke, president of Javelin Strategy & Research. “With this report, we developed a useful profiling tool—which we call Javelin’s Target Grids—to help financial institutions better understand the various offerings available in order to determine best short-and-long term strategies.”
The study finds that many mobile vendors have different philosophies about how mobile banking should be shaped and how it will evolve. Banks and credit unions are challenged to balance what consumers want most from mobile banking against practical issues such as, infrastructure limitations, costs, vendor strengths and weaknesses. In the midst of this complex arena exist overarching concerns about the potential threat that wireless carriers pose as mobile banking evolves into mobile payments. Report author and multi-channel financial services analyst, Mark Schwanhausser suggested that ultimately, financial institutions should offer a mix of all three platforms, but most will be wise to roll out mobile banking in stages.