Mobile has become the top investment priority for retail banks, according to new research from Ovum. Mobile banking projects are receiving the most attention from organisations globally, as they look to drive sales and improve banking efficiency, with the aim of achieving high customer satisfaction levels. It has shifted it from a new and uncertain channel to become something that has a direct impact on financial services institutions.

“Mobile banking has become an incredibly important channel for banks worldwide. In some large financial institutions, mobile usage is approaching two thirds of traffic,” says Kieran Hines, senior analyst, financial services technology, Ovum. “With technology advancing quickly, customer expectations of mobile banking are rising. While banks’ investments are depressed by a constant focus on cost containment, enhancing customer experience through lower-cost digital channels is a priority, something mobile banking fulfils.”

In its latest research, Ovum has identified three vendors that provide offerings that combine strong execution capabilities with broad functionality.

Fiserv Mobiliti is considered by Ovum to be the market leader in the space. The vendor has a large and loyal customer base, driven and developed through its client relationship model. Through focusing on modularisation and extensibility, which allows easier customisation, Fiserv is taking its product to the next level.

SAP’s Mobile Banking solution is another leader in this market. Its offering is being constantly developed, alongside the vendor’s overall mobility strategy. With a clear development path and a functional roadmap, SAP’s experience in banking software shines through in its offering.

Oracle has recently invested a significant amount of resources in Flexcube Mobile Banking. With the company’s existing relationships, installations and banking experience, it is well positioned for upgrades. Flexcube Mobile Banking also has an array of features that align with current mobile trends and it is easily configured, managed and developed.

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