Mobile is no longer an emerging channel, but a mainstream medium for providing banking services to customers with an application across “change-the-bank”, “run-the-bank”, and “manage-the-bank” initiatives. Almost every bank in developed and emerging economies has a basic mobile offering and many offer services such as mobile bill pay, funds transfer, check deposit, and loan/mortgage support.
Mobility in banking is a fast evolving area. As next-generation consumers adopt smartphones as an integral part of their lives, they expect their bank’s services and offerings to evolve at the same pace through advanced mobile services. Due to this, banks face a two-way challenge of meeting the growing expectations of their customers as well as adopting the mobile medium in order to transform the way employees of different levels function in their work.
This presents both opportunities as well as challenges for the IT service providers in the banking domain. On one hand, they have the opportunity to capitalize on the demand for mobility services by developing new solutions, frameworks/accelerators, and partnering with banks on their transformation journey; on the other hand, they are facing stiff competition not just from their peers but also from smaller players and start-ups that are disrupting the mobile banking landscape.
In this research, we analyze the capabilities of 17 leading technology service providers, specific to mobility in the global banking sector. These providers were mapped on the Everest Group Performance | Experience | Ability | Knowledge (PEAK) Matrix, which is a composite index of a range of distinct metrics related to each provider’s capability and market success. In this report, we focus on:
This report analyzes 17 leading technology service providers. The analysis includes:
Everest Group has a complimentary four-page PEAK Matrix preview document for this service provider landscape report.