Javelin Study Identifies Bank of America, Chase, Citi, USAA and Wells Fargo As Current Leaders In Providing Mobile-Banking Services

San Francisco, CA, October 22, 2009 - Javelin Strategy &Research (http://www.javelinstrategy.com)today issued a new report that reveals that banks’ marketing efforts are notkeeping pace with their actual mobile-banking services, and the imbalance iscausing limited adoption of mobile-banking by consumers. Javelin’s observationscome from a study produced by the company’s blend of quantitative consumerdata, industry research data, experienced industry staff and rigorous process,which included 26 criteria for this particular study. 

The study, 2009 U.S. Mobile Banking Benchmark Scorecard,found that 50 percent of financial institutions do not adequately addressconsumers’ two primary mobile banking concerns. The report also rates themobile-banking offerings of 18 top financial institutions based on features,access to mobile-banking services and marketing. Gold-category winnersidentified by Javelin include Bank of America, Chase, Citi, USAA and WellsFargo.

"We also found that certain mobile-monitoring capabilities are finallyexploding," said James Van Dyke, President and Founder. "For example,72 percent of the banks we surveyed offer all seven of the account-monitoringfeatures we recommend. But at the same time, mobile money-movement features arelagging: Only 33 percent of institutions allow transfers between customers atthe same financial institution."

Key Findings of the Javelin 2009 U.S. Mobile Banking Benchmark Scorecard

• No banks currently allow unique mobile enrollment or opening of accounts via mobile channels.
• Marketing positioning and placement need further work: 17 percent of financial institutions have poor accessibility to mobile offerings.
• Half of the banks analyzed provided sufficient security messaging on their Web site but 17 percent included no mention of security despite this being one of the strongest factors preventing consumers from adopting mobile banking.
• Within five years, 45 percent of adults with mobile phones will use mobile banking (54 percent of iPhone users already use mobile banking on a monthly basis.)

"For financial institutions looking to expand their mobile-bankingmarketshare, one of our key recommendations is to provide access via textmessaging, Web browsers and applications," said Mark Schwanhausser,Financial Services Analyst. "Mobile banking will be most accessible andpowerful when it is available to consumers regardless of the type of phone theycarry and the wireless carrier they subscribe to. Triple-play accessibilitywill put customers in charge, enabling them to decide which method to use at agiven time for a given transaction. It’s not about telling customers whichchannel is best for them. They will choose for themselves, and they will wantflexibility."

About Javelin Strategy & Research
Javelin provides superior direction on key facts and forces that materiallydetermine the success of customer-facing financial services, payments andsecurity initiatives. Our advantages are rigorous process, independentposition, and expert people. For more information about this or other Javelinreports, please visit www.javelinstrategy.com/researchor contact Elizabeth Travers at (925) 225-9100 ext. 31 or etravers@javelinstrategy.com.

Editor’s Note: To arrange an interview with Mr. Van Dyke, Mr.Schwanhausser and/or view research on this topic or a similar topic (availableto qualified members of the press), please contact Crystal Mendoza at+1.925.225.9100 ext. 35 or cmendoza@javelinstrategy.com.