2011 Mobile Banking Financial Institution Scorecard: Money Begins to Move on Mobile

2011 Mobile Banking Financial Institution Scorecard
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Overview

Consumer satisfaction with mobile banking is high and adoption is soaring as financial institutions move beyond mobile monitoring and into money movement with mobile P2P transfers and mobile remote deposit capture offerings. Javelin’s third Mobile Banking Scorecard examines the 23 mobile banking offerings of the 25 largest retail banking financial institutions measured by deposits. Detailed assessments of more than 60 different criteria were collected, weighted, and tabulated for comparison. Mobile banking strategies and recommendations for financial institutions are outlined in the report. The survey covered the key areas of mobile banking: mobile access, general features, SMS text features, marketing, and security. Based on a quantitative assessment of the criteria, the best‐inclass mobile banking services were identified and awarded a gold, silver, or bronze status.

Primary Questions

  • What mobile banking products and services are banks offering, and how have they changed over the past year?
  • Which banks provide the most complete mobile banking offerings?
  • Who are the industry leaders in mobile banking?
  • What do consumers want in mobile banking?
  • How do giant banks and community banks stack up?
  • How are financial institutions’ mobile banking strategies changing over time and why?
  • What are the key frustrations of applying for accounts at a branch vs. online?
  • What is the future of mobile banking?

Methodology

The selection of financial institutions was made based on deposits as of March 31, 2011.1 Of the top 25 largest retail FIs by deposit, 23 offer mobile banking for a penetration rate of 92%.2 (Refer to Figure 1.) The only two that did not offer mobile banking were HSBC and Sovereign Bank (part of Banco Santander). In 2009, Javelin had to review 40 financial institutions to find 19 with mobile banking; in 2011, Javelin only needed to review 25 institutions to identify 23 with mobile banking.


Companies Mentioned

Amazon
Google
Appcelerator
HP
Apple
Huntington Bank
AT&T ING Direct
Banco Santander Chase
Bank of America
KeyBank
Bank of the West Kony Solutions
Barnes and Noble M&T
BB&T Nokia
BBVA Compass
PNC Bank
Capitol One
Regions
Citibank
Sprint
Citizens Bank
TD Bank
Comerica
US Bank
Fifth Third Bank
Union Bank

 

The surveys targeted respondents in proportions of gender, age and income representative of the overall U.S. online population. According
to the U.S. Bureau of the Census, the projected 2011 U.S. population is estimated to be 312 million people.1

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