Money has to Move: Tablets are the next Big Mobile opportunity

Nov 9, 2011

Money has to Move: Tablets are the next Big Mobile opportunity

Javelin’s Third Annual Report Reveals the Mobile Offerings of Winners JPMorgan Chase, Wells Fargo, Bank of America, and Others

San Francisco, CA, November 9, 2011 – Javelin Strategy & Research’s latest report —2011 Mobile Banking Scorecard: Money Begins to Move —evaluates the abilities of financial institutions (FIs) to meet consumers’ growing mobile banking needs as they evolve from mobile account monitoring to mobile money movement and beyond. Javelin’s third Mobile Banking Scorecard examines the 23 mobile banking offerings of the 25 largest retail banking FIs and identifies the best performers in the areas of mobile access, general features, SMS text features, marketing and security. The report spotlights emerging mobile banking trends and outlines the strategies that FIs must deploy to stay ahead of - and satisfy - customer demands.

Javelin announces the winners of its third annual scorecard of mobile bank offerings. JPMorgan Chase was awarded Javelin’s Best in Class Mobile Banking for 2011 by providing a broad range of features and specialty apps to complement its mobile offering, including person‐to‐person transfers (P2P), account rewards, and mobile remote deposit capture. Rounding out the Gold award winners (FIs scoring 70% or above on key criteria) included Wells Fargo Bank, Bank of America, BB&T, Citibank, and USAA. Javelin also awarded Silver and Bronze awards in this report.

Tablets are the next wave of technology that will have a huge impact on mobile banking. Similar to the rise of smartphones, consumer adoption of tablets is rapidly increasing, and FIs will need to accommodate this platform. Javelin found that 30% of FIs surveyed provide a downloadable tablet app for the iPad, the market leader with 60% market share.

“Mobile is a unique channel, and FIs need to be where their customers are, or they will be left behind,” said Mary Monahan Executive Vice President and Research Director, Mobile, at Javelin. “In addition to offering the basic triple play (mobile banking through downloadable applications, mobile browsers, and SMS text), which 65% of FIs currently do, FIs need to step up and provide mobile banking services specifically designed for tablets, because that’s where mobile banking is heading.”

“Mobile banking is a low risk investment for FIs, given that consumer satisfaction is extremely high,” said James Van Dyke, President, Javelin. “Our 2011 Mobile Banking Scorecard provides detailed recommendations on the mobile banking features and services FIs need to take the lead in this growth market.”

Selected Key Report Findings – 2011 Mobile Banking Scorecard

  • The details behind the mobile banking offerings are:
    • Best-in-Class winner: JPMorgan Chase
    • Gold Award Winners: JPMorgan Chase, Wells Fargo, Bank of America, BB&T, Citibank, and USAA.
  • Mobile enrollment and account opening are missed opportunities for FIs. Only ING permits opening an account over a mobile device. Only Bank of America and Wells Fargo allow customers to enroll over the phone in text banking.
  • The simple fixes that FIs need to implement on their websites to boost consumer adoption of mobile banking.

The report profiles the following banks offering mobile offerings:  JPMorgan Chase, Wells Fargo, Bank of America, BB&T, Citibank, USAA, PNC Bank, BBVA Compass, Bank of the West, Capital One, Citizens, Comerica, Fifth Third Bank, Huntington Bank, ING Direct,  KeyBank, M&T, Regions Bank, SunTrust Bank, TD Bank, U.S. Bank, Union Bank, and Zions Bank.

For additional details or to purchase Javelin’s “2011 Mobile Banking Scorecard:  Money Begins to Move” report, click HERE

Clients of Javelin’s Mobile subscription service can download the report HERE


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About Javelin Strategy & Research:

Javelin Strategy & Research is the leading provider of quantitative and qualitative research focused on the global financial services industry. Our extensive quantitative data and deep analyst experience enable us to forecast the direction of the financial services market and make recommendations that empower you and your business to succeed.

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