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Report Says JPMorgan Chase Offers Best Mobile Banking Solution

Javelin's 2011 Mobile Banking Financial Institution Scorecard also says that since the tablet will be soon be a game-changer, banks must ramp up their tablet-specific offerings.

Javelin Strategy and Research recently released its 2011 Mobile Banking Financial Institution Scorecard, a follow-up to the Mobile Banking Vendor Scorecard released by the firm released last month. For the report, Javelin assessed the mobile offerings -- specifically SMS text banking, browser-based banking and downloadable apps -- of the 25 largest retail banks by deposit.

Out of the 25 financial institutions Javelin scored for the report, 23 of them offer mobile banking solutions. Ninety-six percent of those FIs offer downloadable apps, 87 percent offer browser-based mobile sites, 70 percent offer SMS text banking and 65 percent offer all three. JPMorgan Chase's mobile offerings ranked the best overall, with Wells Fargo and Bank of America close behind; all three institutions scored within just 1 percent of each other.

Among other trends, the report suggested that the tablet could be a game-changer for mobile banking. "A few years ago the smartphone changed mobile banking because it allowed these consumers to do a lot of advanced activities on their phone," says Mary Monahan, the author of the report and executive vice president and research director for mobile at Javelin. "Now, the tablet is going to do the same thing."

While only 8 percent of consumers own a tablet, Monahan says that new products such as the Amazon Kindle Fire are likely to help tablet use proliferate. "We think there are going to be a lot of those under the Christmas tree this year because the price point of $299 is so appealing to customers," she says. "So a lot of customers that couldn't afford a tablet are going to have one now. The adoption is just going to shoot up."

Because tablets offer bigger screens and better graphics, says Monahan, they allow for an ideal mobile banking experience for customers that encourages the use of better graphical and educational components. "A tablet is also different from a mobile phone because it's something that you can share with the family," she adds.

Currently, only 30 percent of institutions examined in the report offer tablet-specific mobile apps. The report suggests that financial institutions start rolling out tablet apps as soon as possible. Since the Apple iPad currently has 60 percent of the market share, Javelin suggests that FIs will need to bring out an iPad app first and Android and Windows apps next.

For more information about the report or purchase a copy visit Javelin's website.

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