How Various Mobile Apps Stack Up
BOSTON-Since 2007, the mobile banking market has changed significantly in terms of predominant technologies, features/functionality and consumer adoption, so Celent has undertaken the task of evaluating those changes and ranking the mobile banking solutions on the market.
In a new report, "Shuffling the Mobile Banking Vendor Deck: A Comparison of Mobile Retail Banking Solutions," Celent details how vendors' rankings have changed, given that many have matured in the last three years, and have begun to gain their stride.
Whereas many vendors originally focused on one modality (SMS/text vs. mobile web vs. app), they now offer all three. The report's ABCD Vendor View presents a comparative view that visually represents at a glance the relative positions of each vendor in four dimensions: Advanced technology, Breadth of functionality, Customer base, and Depth of client services. XCelent Awards have been given to top-performing vendors in each of the four categories.
Examples of vendor repositioning can be found in Celent's XCelent Technology Award recipients: mFoundry and ClairMail. Neither of these two vendors previously obtained a top score within Celent's ABCD framework. For its part, mFoundry is unique in having launched the U.S. market's only live mobile contactless payment solution. ClairMail is showing leadership in the use of alerts, which Celent expects will enjoy a resurgence in importance as a modality.
Vendors that were barely present in the mobile banking space three years ago now have the largest number of live FI clients. These include Jack Henry, which is the winner of Celent's XCelent Customer Base Award. Since 2007, it has grown from zero live clients to 246. However, mFoundry scored relatively highly due to the relative recent advent of its implementations, and ClairMail fared well too as a result of having the highest number of active end users.