Mobile Banking Vendor Selection: Not A Straightforward Journey

As I started my Market Overview of mobile banking solutions, one thing was apparent: the vendor landscape is in flux. To further demonstrate this point, over the last few weeks, Montise announced acquisition of Clairmail and Clairmail announced Clairmail Plus, a solution targeting mid-tier regional banks, community banks, and credit unions. With the constant movement, it’s not easy to navigate through the vendor landscape. Whether you are a trailblazer looking to expand your mobile banking offering or looking to deploy your first mobile banking solution, eBusiness professionals must keep the following in mind as they evaluate mobile banking vendor solutions:

  • The mobile banking vendor landscape is changing. Vendors are either going out of business or being acquired. This shift has challenged eBusiness professionals to either select a new vendor or determine how acquisitions will impact mobile banking services and their strategic roadmaps.
  • A vendor relationship can hinder or enhance your mobile banking strategy. While past decisions may have been driven by speed to market or cost consideration, those decisions now may be preventing eBusiness executives from meeting strategic or functionality goals. As eBusiness executives look for next generation mobile banking solutions, partnering with a vendor that has an understanding of industry shifts, device evolution, and user trends will help clients extract the most value from mobile solutions.
  • Finding the right vendor depends on speed to market and customization requirements. Selecting a solution usually boils down to a bank’s desired timeline to get a solution up and running and the level of customization to support their mobile banking strategy. Those eBusiness teams that are not willing to sacrifice either speed to market or customization will select a vendor that offers a hybrid solution that combines out of the box with some customization.

Within the next few weeks, "Market Overview: Mobile Banking Solutions 2012” will be available on Forrester’s site. In the meantime, if you have any specific questions about mobile banking vendors, feel free to schedule an inquiry with me.

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