A report from Aite Group has provided an evaluation of 14 active vendors in the mobile banking technology space. The report, based on interviews with each of these companies in October and November 2008, provides a ranking of the vendors by various criteria, such as features and functionality, security capabilities, marketing channels and level of integration with existing bank systems.
Given the state of the economy and grim outlook, it could be expected that mobile banking would take a back seat as the industry shifts priorities to survival rather than emerging consumer channels that could be regarded as non critical. Nevertheless, opportunity for growth through 2009 is robust, with mobile banking technology vendors expecting business to flourish through the year. Financial institutions looking for a competitive edge would be well advised to continue the pursuit of mobile banking technology. An understanding of the industry’s direction and each vendor’s offerings and capabilities is vital to financial institutions in selecting the most appropriate technology partner, particularly in this economy, in which every dollar spent must count.
“Evaluating these 14 vendors has provided some strongly directional indications regarding the way that mobile banking is evolving in the US,” says Nick Holland, senior analyst with Aite Group and author of this report. “Perhaps most significantly, solutions will have to enable revenue generation for financial institutions rather than just extending the bank brand to mobile devices. Once considered a value-added service for the consumer banking segment, mobile banking is now being evaluated for other segments, such as corporate banking, bill payment and small business, where financial institutions may be able to charge for mobile banking services.”
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