INTRODUCTION

The global BFSI industry has been experiencing significant changes in the recent years. As smartphone penetration continues to grow, customers are increasingly interacting with their financial institutions through alternate channels, such as mobile, instead of visiting branches. Consequently, mobile banking has become an essential channel for banks to service their customers better, as well as to reduce operational costs and provide the convenience of anywhere, anytime banking.

With this pervasive growth of the mobile banking channel, banks are also stepping up their mobile initiatives and developing their service offerings to meet customer expectations and improve revenue growth strategies. Further, mobile payments are also growing in popularity, including apps that let you undertake end-to-end transactions. Further, mobile wallets from companies such as PayPal, Google, and Square are seeing increased adoption.

This report provides an overview of the global mobile banking and payments market along with an in-depth analysis of the mobile banking apps launched by the top American, European, and APAC banks.

SCOPE

Services: IT investments in mobile technologies

Geographies: Global

Mobile banking functionality analysis of leading banks (based on IT investments in mobile apps)

CONTENTS

This report is structured across four key sections:

• Mobile banking and payments market overview
• Transaction volume, number of users, and degree of investments in mobility
• Drivers and adoption barriers for mobile banking and payments
• Mobile banking and payments maturity curve analysis
• Region-wise adoption trends in mobile banking and payments across North America, Europe, Middle East and Africa, Asia Pacific, and Latin America
• Analysis of mobile banking apps of leading banks: Analysis of key American, European, and APAC banks (based on IT investments in mobile apps)
<liUnited States: Bank of America, Citibank, JPMC, and Wells Fargo
• Europe: Barclays, BNP Paribas, Deutsche Bank, and HSBC
• APAC: ANZ and Westpac
• Key investments in mobile banking and payments by leading banks in 2013
• Implications for key stakeholders: Implications of the trends on buyers and service providers

• The mobile banking landscape has evolved from basic transactional services (alerts, statements, etc.) to advanced transactional services (fund transfers, bill payment, remote check deposit, P2P payments, etc.)
• Further, the next generation of mobile banking is emerging, which includes services such as remote and contactless payments, location-based marketing, mobile and social media integration
• Improving the overall customer experience, reducing channel costs, and increasing customer share of wallet are the key objectives driving investments in mobile channel at most banks
• Everest Group’s comparison of mobile banking apps of leading banks reveals:
• Basic mobile banking features, such as ability to view account balance, check recent transaction history, transfer funds, and mobile bill payments, have become standard at global banks, regardless of the size of the bank
• Not all banks offer mobile payment features. U.S. banks are ahead of other banks in terms of offering this feature
• Citibank and Wells Fargo (in United States), Barclays (in Europe), and Westpac (in APAC) received the highest overall score for mobile banking functionality across each geography, among the ten banks examined in this research