First Annapolis has released its study of mobile banking and payments capability and activity among the Top 100 U.S. financial institutions (ranked by deposits). The report is the first data-intensive study of its kind and will provide unique insights into how banks currently leverage mobile as a new channel to reach consumers.
The study reveals that over half of the Top 100 financial institutions offer mobile banking services as of September 2010. Surprisingly, this activity is not concentrated among the Top 25 or even Top 50, with many smaller banks actively utilizing vendor capabilities to offer mobile solutions. Of the Top 100, nearly 40% offer access via mobile web, while 32% offer SMS banking and/or alerts and 32% offer apps. Apple’s iOS remains the main platform for launching application-based banking, but financial institutions have realized the importance of other operating system leaders. Sixteen percent and fourteen percent now offer a RIM Blackberry or Google Android application, respectively.
A detailed evaluation of features available by channel also reveals that mobile web and app channels often provide virtually the same capabilities. Balance inquiries and transaction history are standard, but new features help banks differentiate themselves from competition. Seventeen percent offer GPS-enabled branch/ATM locators, and thirty-five percent allow mobile billpay (most require pre-entered payees, but not all). Additionally, several banks are expanding their offerings to include mobile deposit capture, P2P, offers and loyalty programs, and rewards management and redemption.
- Analysis of mobile offerings of the overall Top 100 financial institutions segmented by deposit size quartiles
- Review of mobile banking and payment features, including case studies on: the financial institutions that are leading mobile adoption, feature comparisons, contactless cards, and mobile NFC pilots
- Examination of mobile banking positioning and marketing
- Synthesis of 100+ data fields across 100 financial institutions, representing over 10,000 data points, 35+ charts, totaling 70+ PowerPoint slides
Core Features
(16 total)
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Intra-account transfers
External linked
account transfers (ACH)
ATM/branch locator
Balance inquiry
View statements
Mobile billpay |
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Advanced Features
(23 total)
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Mobile remote deposit capture
Mobile person-to-person transfers
Manage & redeem rewards
Coupons & offers |
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SMS Alerts
(22 total)
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"Smart"/two-way alerts
Fraud alerts
Push vs. pull alerts
Advanced alert customization |
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Security
(19 total)
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4-digit or 6-digit PINs
Username/password
Requires oline banking credentials
Mobile banking
guarantee |
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During August and September 2010, First Annapolis examined and recorded details of the mobile banking and payments practices of the Top 100 U.S. financial institutions, ranked by deposits. The offerings of the Top 100 financial institutions were segmented by deposit size quartiles. Banking and payments practices were categorized by application offering, core and advanced features, authentication and security, SMS alerts and banking, vendor practices, and contactless and NFC activity. First Annapolis synthesized 100+ data fields across 100 financial institutions, representing over 10,000 data points of unique information.
