FIS tops mobile banking vendors as 'Best in Class', followed by Monitise and Fiserv earning top award
San Francisco, CA, December 17, 2013: The results of Javelin Strategy & Research's annual Mobile Banking Vendor Scorecard show that FIS, Monitise and Fiserv are outperforming all competitors with mobile banking solutions. Javelin's fourth annual Mobile Banking Vendor Scorecard evaluates vendors' solutions—standard out-of-the-box and customizable—to assess critical categories of features and functionality that will drive mobile banking adoption among consumers.
At long last, 100% of the top 25 retail financial institutions offer downloadable mobile banking applications, up from 84% in 2010. With mobile banking usage on the rise, vendors have a strong case to present to financial institutions still skeptical on the value of investing in the channel. As adoption rises, financial institutions with strong mobile banking capabilities will find themselves increasingly appealing to the growing base of smartphone owners.
Financial institutions need to adopt a strategic plan for mobile banking," according to Mary Monahan, Research Director of Mobile at Javelin Strategy & Research. "Seven out of ten mobile banking consumers believe that digital banking -- online or through mobile -- is sufficient for their banking needs. The growth of mobile and the importance of the channel to consumers underscore the value of selecting a leading mobile banking vendor."
FIS Earns Best in Class Mobile Banking Overall. FIS earned Javelin's 2013 Best in Class Overall Mobile Banking Vendor Award by offering a broad range of features and functionality for both its standard and higher-end, customizable products. FIS offers a robust money movement suite with mobile remote deposit, transfer and bill pay, as well as account opening, P2P transfers, and an integrated mobile wallet.
Top 3 in Mobile Banking:
- Monitise trailed FIS by just 0.4 percentage points. Monitise demonstrated the highest ratings in security, back-office, alerting platforms, and tiered authentication for high-risk transactions. While all vendors surveyed offered multifactor authentication, just 55% — including Monitise — offer device fingerprinting.
- Fiserv received top ratings for its platform. Fiserv expanded its already comprehensive mobile banking offering by completing the integration of the Popmoney real-time person-to-person solution into its Mobiliti platform.
Javelin's 2013-2014 Mobile Banking Vendor Scorecard: Vendors Segment Offerings into Standard and Custom Solutions provides a highly detailed, competitive analysis and ranking of 11 leading mobile banking providers. The study evaluates vendors' solutions — standard and customized — in four main categories: security, platform, features, and emerging capabilities. The results of this study can be used as a strategic guideline for financial institutions developing their mobile strategy or selecting a vendor, or for vendors to provide evidence to build a mobile banking justification for customers.
The report profiles the following 11 mobile banking vendors: ACI Worldwide, D3 Banking, Digital Insight, FIS, Fiserv, Jack Henry, Kony, Malauzai Software, Monitise, Q2ebanking, and Yodlee.
View Javelin Mobile Banking Vendor Award Winners for 2013
Learn More: 2013-2014 Mobile Banking Vendor Scorecard: Vendors Segment Offerings into Standard and Custom Solutions
About Javelin Strategy & Research
Javelin Strategy & Research, a division of Greenwich Associates provides strategic insights into customer transactions, increasing sustainable profits for financial institutions, government, payments companies, merchants and other technology providers. Javelin's independent insights result from a uniquely rigorous three-dimensional research process that assesses customers, providers, and the transactions ecosystem.
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