MOBILE BANKING SOLUTIONS - EdgeVerve · series of interviews and surveys with financial ... Mobile...

MOBILE BANKING SOLUTIONS Technology Abstract*

December 2013

CEB TOWERGROUP

RETAIL BANKING

Jason Malo Research Director, Retail Banking

Vendor Assessment and Quantitative Teams

*For full copies please contact Stacy Berman at CEB TowerGroup

RETAIL BANKING

Executive Director

Aaron Kissel

Managing Director

Jaime Roca

Research Director

Jason Malo

QUANTITATIVE INSIGHT TEAM

Project Manager

Carolina Valencia

Research Analyst

Ed MacDonald

VENDOR ASSESSMENT TEAM

Project Manager

Magda Rolfes

Senior Research Analyst

Virginia Hines

Research Analyst

Lauren Chin

COPIES AND COPYRIGHT

As always, members are welcome to an unlimited number of copies

of the materials contained within this handout. Furthermore, members

may copy any graphic herein for their own internal purpose. CEB

requests only that members retain the copyright mark on all pages

produced. Please contact your Member Support Center at

+1-866-913-6450 for any help we may provide.

The pages herein are the property of CEB. Beyond the membership,

no copyrighted materials of The Corporate Executive Board may be

reproduced without prior approval.

LEGAL CAVEAT

CEB TowerGroup has worked to ensure the accuracy of the information

it provides to its members. This report relies upon data obtained from

many sources, however, and CEB TowerGroup cannot guarantee the

accuracy of the information or its analysis in all cases. Furthermore, CEB

TowerGroup is not engaged in rendering legal, accounting, or other

professional services. Its reports should not be construed as professional

advice on any particular set of facts or circumstances. Members

requiring such services are advised to consult an appropriate

professional. Neither CEB nor its programs are responsible for any

claims or losses that may arise from a) any errors or omissions in their

reports, whether caused by CEB TowerGroup or its sources, or b)

reliance upon any recommendation made by CEB TowerGroup.

© 2013 The Corporate Executive Board Company. All Rights Reserved. 2

EXECUTIVE SUMMARY

TECHNOLOGY ANALYSIS SCOPE & METHODOLOGY

In response to feedback from our membership, CEB TowerGroup developed this technology analysis product to identify key components of a

mobile banking technology investment decision and effectively compare vendor technology products. Our methodology comes from the knowledge

that investment decisions center around the benefit to the individual and enterprise of a technology rather than the feature set alone.

This analysis is tailored to reflect the needs of the end user, in this case the retail banking executive, to diagnose the technology attributes

particular to a firm, and to effectively identify mobile banking solutions that align with the firm’s needs. To that end, CEB TowerGroup conducted a

series of interviews and surveys with financial services executives, industry experts, and vendors regarding mobile banking technology. The results

of this research formed the basis of our diagnostic anatomy and informed the proprietary five point rating system on which we scored individual

products.

CURRENT MARKET & FUTURE INVESTMENT

Mobile banking adoption is hindered by consumer preference, but spurred by near-term value. Though consumers are typically satisfied when

performing mobile banking transactions, branch channels are still preferred for more complex transactions. This indicates that digital channels have

not yet become a preferred channel for consumers. Executives are, in part, adopting mobile banking solutions to achieve a competitive advantage,

provide consumer-desired technology, and reach emerging markets.

Security is an implementation challenge for executives, and a barrier to adoption for consumers. Despite an increase in mobile users and

transaction volumes, both financial institutions and consumers are hesitant to adopt mobile banking technology for security reasons. Executives are

worried about ensuring data and software security, while consumer concerns tend to center around fraud management.

Investment in mobile banking systems expected to increase rapidly at 13.4% a year globally until 2017. The highest annual growth will occur

in the Middle East and Africa, where mobility provides a new way for retail banking executives to reach the unbanked population. Firms planning

to invest are particularly interested in mobile security and information security, which remains a primary barrier to adoption for both customers and

banks.


EXECUTIVE SUMMARY

VENDOR LANDSCAPE AND RANKINGS

Mobile banking solutions facilitate consumer transactions through secure mobile device channels. The selection process centered around those vendors with

mature products, globally recognized innovation, and multiple large-scale installations with major financial institutions. In particular this report looks at both

regional and global mobile banking systems. Many vendors featured in this report have significant experience supporting mobile banking for universal banks,

however, for inclusion, all solutions must have active retail banking clients.

This technology analysis includes ACI Worldwide, D+H, Digital Insight, FIS, Fiserv, Infosys, Kony Solutions, Misys, Monitise, Mshift, Oracle, SAP, and Temenos.

CEB TowerGroup also had conversations with SunGard and Wipro, however both solutions fell outside of the scope of this research.

By combining our qualitative and quantitative data from interviews with industry experts, financial institutions, and vendors, CEB TowerGroup identified 21

attributes that define a “best-in-class” mobile banking solution. These attributes are grouped into four categories that highlight a firm’s user and enterprise

needs. Vendor rankings are based on our proprietary five point rating methodology that scores each product on the 21 “best-in-class” attributes. The top

vendors were designated as “best-in-class” performers based on their composite scores in each of the technology categories below.

BEST-IN-CLASS TECHNOLOGY CATEGORIES

Retail banking executives investing in mobile banking technology should use the Diagnostic Anatomy to select the vendor that best aligns with their firm’s business

objectives and investment needs.

CUSTOMER EXPERIENCE includes those attributes that assess customer-facing and device-related features.

Leaders include Infosys’ Finacle Mobile Banking and 3 other vendor products.

INTERFACE DEVELOPMENT includes those attributes that affect the design and deployment of the system to the client.


INTEGRATION & MANAGEMENT includes those attributes that help the firm mitigate risk and assist with management and oversight.


ENTERPRISE SUPPORT includes those attributes that influence the enterprise’s tactical fit and strategic alignment with the vendor.



Current Market

Future Investment

Vendor Landscape

Product Ranking

TECHNOLOGY ANALYSIS OVERVIEW

Mission Statement: CEB

TowerGroup Technology

Analysis process provides a

customer-driven,

transparent, and unbiased

review designed to drive

informed business decisions.

Current Market: Provides a

view of industry and customer

changes, and best practices for

technology investment and

implementation.

Future Investment: Forecasts IT

spending and identifies

emerging technologies and

innovations.

Vendor Landscape: Provides an

overview of key vendors,

product features, and market

position.

Product Rankings: Highlights

“best-in-class” attributes and

shows a comparative

perspective of leading

products.

Technology Analysis Presentation Roadmap

Market Drivers:

Assess changes in the

industry and customer

behavior

Spending Forecasts:

Benchmark global and

regional mobile

banking IT spending

List of Players:

Identify key technology

firms and their products

“Best-in-Class” Products:

See the top products

based on our anatomy

categories

Emerging Technology

Landscape:

Pinpoint emerging

technologies and

innovations

Diagnostic Anatomy:

Choose your investment

priorities with our

proprietary framework

Ranking Methodology:

Review the key

components of an

investment decision

Feature Audit:

Compare the relative

feature offerings by

vendors

Vendor Profiles:

Understand the key

differentiators between

products

© 2013 The Corporate Executive Board Company. All Rights Reserved.

Source: CEB analysis.

5

ROADMAP FOR THE PRESENTATION

Current Market Future

Investment

Vendor

Landscape Product Rankings


$4.04 $4.00

$0.61 $0.19 $0.17 $0.09

Call center Branch ATM Mobile Interactive voice response Online

MOBILE AND ONLINE MORE COST EFFECTIVE AS CHANNELS GROW

Mobile banking adds

another low-cost, desirable

access option for customers.

Transactions through mobile

channels are expected to

overtake branch channel

transactions sometime during

2014.

Executives are decreasing

overhead expenses by shifting

to mobile transactions which

cost, on average, 21 times less

than a branch transaction, and

offer additional value and

convenience to banking

customers.

Online Branch Mobile Contract Center

40,000

35,000

30,000

25,000

20,000

15,000

10,000

5,000

0 2015E 2014E 2013P 2012 2011

Delivery Channel Transaction Volumes In The United States

In millions, 2011-2015

Source: CEB TowerGroup, Full View of Mobility, 2012.

Source: CEB TowerGroup, 2012.

Cost Comparison For Transaction Channels

Cost per Transaction


Δ = 21x

7

SECURITY REMAINS TOP OF MIND

59%

41%

24%

21%

44%

19%

30%

30%

17%

14%

Ensuring security for data and software

Need to support multiple devices

Mobile application

Development platform maturity

Integration with other enterprise applications

Lack of mobile application

Development skills within the organization

Changing and uncertain needs of users

Requirements mobile device

Shortcomings (i.e. screen size)

Despite an increase in use,

executives and consumers

both voice concern about

mobile security.

n = 752

Source: CEB 2013 Technology Adoption & Investment Survey.


Security And Information Remain A Primary Concern For Financial Institutions

Percentage of Global Respondents, 2013

Top Reasons Customers Have Not Adopted Mobile Banking

Percentage of Respondents, 2013.

n = 1,709

Source: Federal Research Board of Governors.

1%

5%

5%

5%

6%

10%

11%

14%

40%

47%

49%

54%

Bank charges for mobile banking

I don't do the banking in my household

It's difficult or time consuming to set up

Other

I don't have a banking account

It is too difficult to see on phone's screen

The cost of data access is too high

I don't trust the technology

I don't have a smartphone/phone for mobile banking

I don't see any reason to use mobile banking

I'm concerned about the security of mobile banking

My banking needs are being met

8



Investment

Vendor



FORECASTING GLOBAL TECHNOLOGY SPEND

Global Mobile Banking Technology Spend

In Millions USD, 2012 (E) – 2017 (P)

$1,551

$1,693

$1,987

$2,269

$2,546

$2,909

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500

2012 E 2013 P 2014 P 2015 P 2016 P 2017P

Note: E indicates estimated values; P indicates predicted values; CAGR: compound annual growth rate.

CAGR = 13.4%

By 2017, fifty percent of

surveyed financial

institutions intend to adopt

or replace their mobile

banking solution.

As retail banks look for better

ways to engage with customers,

the compound annual growth rate

for mobile banking solutions is

predicted to be 13.4% over the

next five years.

Nearly two-thirds of financial

institutions affirm that mobile

banking solutions provide high or

very high value to their company.


EMERGING TECHNOLOGY LANDSCAPE FOR MOBILE BANKING RO

I PO

TEN

TIA

L

DEFINITIONS

ROI Potential: Measures the relative

returns an institution can expect to

receive from an investment in the

technology

Technology State: Measures the

technology’s level of development

User Impact: Measures the level of

benefit the technology will have on the

Mobile Banking user

Minimal Medium High

USER IMPACT

Market-Ready In Development

Low

H

igh

TECHNOLOGY STATE

PAYMENTS TOOLS CUSTOMER TOOLS APPLICATION FEATURES

P2P Payments: Feature that enables customers to send

money through the mobile banking application.

Personal Financial Management (PFM): Tools to help

customers save towards personal goals and set budgets. Biometric Security: Security feature that identifies users by

characteristics and traits such as voice and fingerprint.

Social Payments: Social technology that links back-end

account information with user credentials on social media

sites to make personal payments.

Financial Advisor Insights: Interactive feature that allows

customers to engage in communications with banking

representatives with financial concerns.

Augmented Reality: Feature that integrates locational

services and device peripherals to populate data for

applications such as real estate.

ATM Virtual Card: Feature that generates a OTP in

combination with PIN to withdraw money from ATMs. Rewards Programs: External merchant rewards programs

and offers for customers based on locational services. HTML5: Open programming language that allows for

consistent consumption by computers and devices.

Mobile Top Up: Feature that allows customers to add

money to a mobile phone. Push Notifications: Feature that sends user- and bank-

defined alerts to customers through preferred channels. Multi-Device Support: Ability to authenticate multiple

customers using a single device.

Mobile POS Payment: Mobile technology that allows

customers at POS to make payments using their phone.

Pre-Login Features: Non-sensitive information such as

account balance that is accessible before logging in.

Virtual Wallet: Feature that allows customers to make

online or mobile payments.

Moderate


P2P Payments

Social Payments

Mobile Top Up

ATM Virtual Card

Mobile POS Payment

Virtual Wallet

PFM Tools

Loyalty Programs

Push Notifications

Advisor Insights

HTML 5

Augmented

Reality

Biometric Security

Pre-Login Features

Multi-Device Support

Note: All emerging technologies are positioned within the context of features or tools offered directly on the mobile banking solution.

11


Current

Market

Future

Investment

Vendor

Landscape

Product

Rankings


MAPPING THE VENDOR LANDSCAPE

2 0 0 0

Mobile Banking Systems

By System Release Date

Featured Mobile Banking Vendors

CEB TowerGroup identified vendors for this analysis based on expert

opinion, product maturity, size of installations, and technological innovation.

Finacle Mobile

Banking

(2010)

Mobiliti

(2002)

Mobile Channel

Manager

(2002)

Mobile Banking

Suite

(2004)

FIS Mobile

(2007)

Retail Banking

(2011)

BankFusion

Mobile Banking

(2008)

(2003)

AnyWhere Mobile

(1999)

FLEXCUBE

(2008)

Mobile Banking

(2010)


Cavion Mobile Banking

(2008)


Connect Mobile

(2010)

2 0 1 0

13

6 5 4 3 2 1

9

10

11

7

8

13 14 15 16 17 18 12

20

19

MOBILE BANKING SOLUTIONS DIAGNOSTIC ANATOMY

System Integration

The solution allows for

integration across various

information and service

systems and supports

single sign-on for all users.

Administration

The solution allows the bank

to manage administrative

permissions, customer

settings and activity

reporting.

Marketing

Banks can leverage the

solution to share financial

product information,

rewards, and other

marketing communications.

Banking Functions

The solution allows the

user to interact with the

full range of retail

banking functions.

Consumer Security

The solution supports

user-managed and risk-

based security as well as

multifactor

authentication.

Customer Support

The solution integrates

with customer support

information, contact

methods, and processes.

Multichannel Support


user to perform functions

across banking channels.

Device Peripherals

The solution may utilize

the mobile devices'

integrated peripherals.

Solution Configurability

The solution’s feature set

and presentation is

configurable to user

preferences and market

segmentation.

Software Development


development by both

vendor and customer

using the most current

methodologies.

Deployment Options

The solution includes

management and deployment

of various banking capabilities

for multiple software

deployments.

Software Support

The solution provides

ongoing monitoring for

issues, patch

management, and

facilitates updates.

Solution Security


comprehensive security

measures to protect data

being transmitted as well as

resident everywhere on

devices.

Data Management

The solution integrates with

front and back end solutions

across lines of business with

little or no customization

from vendor.

Routing & Prioritization


transaction routing to

appropriate workflow queues

depending on perceived risk,

payment channel, or bank

defined hierarchy.

Customer Reporting


ongoing data collection

and reporting on customer

adoption and usage.

Geographic Coverage

The vendor provides

multilingual and multicurrency

capabilities to support

operations in multiple

localities where the bank

operates.

Pricing Flexibility

The vendor offers multiple

pricing options with

flexibility for additional

on-going support

packages.

Product Maturity

The vendor offers a

product with industry-

leading technology, and a

growing market share and

client base.

Technology Innovation

The vendor has a market-

leading product strategy

to incorporate emerging

technologies and

capabilities.

Current Effectiveness Potential Impact

5 = Superior Capability We or our vendor offer this regularly,

systematically, and at the highest

standard.

5 = Very High

Impact

Our firm considers this attribute mission

critical when performed at the highest

standard.

4 = Strong Capability We or our vendor offer this regularly

and systematically.

4 = High Impact Our firm considers this attribute highly

important when performed at the highest

standard.

3 = Adequate

Capability

We or our vendor offer this regularly

but in an ad hoc manner.

3 = Moderate

Impact

Our firm considers this attribute moderately


standard.

2 = Marginal

Capability

We or our vendor offer this irregularly

and in an ad hoc manner.

2 = Low Impact Our firm considers this attribute somewhat


standard.

1 = Weak or not at all We or our vendor do not do this at all. 1 = No Impact Our firm does not consider this attribute


standard.

Attribute Grading

HOW TO USE ANATOMY

The anatomy is designed to assist retail banking executives to better assess and prioritize components of their technology

investment. As you use this anatomy, please consider your firm’s business strategy and current technology maturity.

1. Rate the impact of each attribute to your business and your firm’s effectiveness on a 1-5 scale using the grading scale

below and tally the results using the scorecard.

2. Map the results on the scorecard to identify areas that are most important, but where your firm is least effective. Vendor Stability

The vendor has an

established industry

presence and can provide

long term support for

institutions.

21

Customer Experience

Integration & Management

Enterp

rise S

upp

ort

Inte

rface

Deve

lopm

ent

© 2013 The Corporate Executive Board Company. All Rights Reserved. Source: CEB analysis. 14

MOBILE BANKING SOLUTIONS SCORE CARD

Retail banking executives

should complete the

scorecard using the Mobile

Banking Solutions Diagnostic

Anatomy tool.

Categories Attributes Current Effectiveness Potential Impact

Customer 1. Marketing

Experience 2. Banking Functions

3. Consumer Security

4. Customer Support

5. Multichannel Support

6. Device Peripherals

Interface 7. Solution Configurability

Development 8. Software Development

9. Deployment Options

10. Software Support

11. Solution Security

Integration & 12. Administration

Management 13. Data Management

14. System Integration

15. Routing & Prioritization

16. Customer Reporting

Enterprise 17. Geographic Coverage

Support 18. Pricing Flexibility

19. Product Maturity

20. Technology Innovation

21. Vendor Stability



15

MOBILE BANKING SOLUTIONS SCORE CARD


should map their attribute

scores from rating their

impact and effectiveness on

this matrix to identify the

most important areas to their

vendor selection.

Pote

ntial

Impact

5 =Very High

4 =High

3 = Moderate

2 =Low

1 =No Impact 1

=W

ea

k

2 =

Ma

rgina

l

3 =

Adequa

te

4 =

Stro

ng

5 =

Sup

erio

r

Current Effectiveness

Areas of Focus



16

FEATURE AUDIT

Feature Infosys

Percent of Vendors

Offering as a

Native Feature

SECURITY

Finacle

Mobile

Banking

PCI Compliance l 85%

App Data Monitoring l 92%

Penetration Testing l 92%

Customer Password Support l 92%

MULTIFACTOR AUTHENTICATION

Biometrics – Visual l 0%

Biometrics – Voice l 0%

One-Time Passcode l 85%

Device Recognition l 77%

Location-based Security l 46%

Risk-Based Authentication l 77%

SMS l 85%

ALERTING

Consumer Alert Preference Setting l 100%

Account Management Alerts l 100%

Risk-based Alerting l 92%

Bill Pay Alerts l 92%

Marketing Alerts l 69%


Feature Infosys

Percent of Vendors

Offering as a

Native Feature

DEPLOYMENT OPTIONS

Finacle

Mobile

Banking

iOS Smartphone app l 100%

iOS Tablet app l 92%

Android Smartphone app l 100%

Android Tablet app l 77%

Blackberry smartphone app l 54%

Blackberry Tablet app l 23%

Windows smartphone app l 38%

Windows Tablet app l 38%

HTML5 Web app l 85%

Hybrid app l 62%

Text banking l 85%

BANKING FUNCTION SUPPORT

Mobile Banking Enrollment l 85%

Remote Deposit Capture l 62%

Remote ID Capture l 23%

Photo Bill Pay l 15%

Bill Pay l 85%

Add Payee l 69%

ATM/Branch Locator l 100%

Transfer Between User’s Accounts l 100%

Transfer to Account Within the Bank l 92%

Transfer to Account at Different Bank l 85%

Initiate Customer Support Call l 100%

l Currently Offered Native Feature l Currently Offered Premium Feature l Third Party Premium Feature

m Plan to Offer in 12 Months m Plan to Offer in 24 Months

17

Source: CEB TowerGroup Analysis & Vendors

FEATURE AUDIT - CONTINUED

Feature Infosys

Percent of Vendors

Offering as a

Native Feature

NON-BANKING FUNCTION

SUPPORT

Finacle

Mobile

Banking

Account Rewards Management l 23%

Financial Product Information l 92%

Consumer App Support/Help l 92%

Location-based marketing l 31%

Privacy Policy Support l 92%

App Feedback l 69%

SOLUTION MANAGEMENT

Usage Reporting Dashboards l 92%

Software Development Toolkit (SDK) l 62%

Customer Segment-Based Enablement l 85%

Feature Deprecation m 77%

App Store Management m 77%

Regression Testing l 100%

l Currently Offered Native Feature l Currently Offered Premium Feature l Third Party Premium Feature

m Plan to Offer in 12 Months m Plan to Offer in 24 Months


Source: CEB TowerGroup Analysis & Vendors

Company Overview

Infosys is the third largest India headquartered provider of consulting, technology and outsourcing solutions. Infosys has more

than 25 years of experience in providing technology solutions to financial institutions. Infosys offers Finacle Universal Banking as

a comprehensive solution in more than 80 countries worldwide.

Product Overview

Infosys launched Finacle Mobile Banking in October 2010 . Finacle Mobile Banking is a platform, device, and access mode

agnostic solution which offers mobile banking capabilities across Android, iOS, Java, Windows, and RIM platforms, across

downloadable application, mobile web, SMS and USSD modes.

Product Highlights

• Mobile Advisor: Banking customers can access a mobile advisor directly from their mobile device. Banking customers have

the option to talk to a designated relationship manager through video chat, chat, SMS, email, or call without going to a

branch location.

• In-App Marketing: Infosys offers advanced in-app marketing capabilities as an add-on feature to the native application.

Banks may elect to use a rewards system that allows banking customers to view and select their rewards from within the

app. The bank can promote external offers, such as coupons, as well to targeted audiences.

• Multi-User Devices: With Finacle Mobile Banking, multiple users can access the same tablet or smartphone application using

different credentials, whereas some mobile banking applications only offer a one-to-one login relationship. From a user

perspective, this adds a measure of convenience for lost or stolen devices, or if a banking customer has more than one device

they want to access their accounts on.

CEB TowerGroup View

Finacle Mobile Banking is a customer service oriented mobile solution designed to address the needs and concerns of the

bank customer in a mobile age. The application features a configurable, user-friendly UI that allows end users and banks

to pin important items to their landing page and view information in a consolidated way. The mobile application,

optimized for both tablet or smartphone use, includes configurable tiles that allow users to view the information most

important to them upon login, quickly address and clear alerts, view account information, and see graphical depictions of

budgets and other account operations. Infosys has only recently released Finacle Mobile Banking for North America and

Europe and therefore faces high competitions from software providers entrenched in these areas, though they rolled out

multilingual and multicurrency capabilities for these regions prior to its release. Additionally, having a mobile advisor

directly available from the app helps provide competitive customer service options that can encourage banking customers

to perform more banking functions on the mobile application.

FINACLE MOBILE BANKING INFOSYS

KEY STATISTICS

Company Type: Public

Year Founded: 1981

Headquarters: Bangalore, India

Number of FT Employees: 156,700

FY 2013 Revenue: $7.4B

GLOBAL BANK SUPER-REGIONAL BANK COMMUNITY BANK REGIONAL BANK CREDIT UNION Source: CEB analysis; Infosys.

iOS Android BlackBerry Windows

l l l l

0 – 4% 20-39% 60-79%

5 – 19% 40-59% 80-100%

Distribution of Clients by Region


Native Operating Systems Covered

19



Investment

Vendor




CREATING OUR “BEST-IN-CLASS” PRODUCT RANKINGS

Customer Experience

Those attributes that

assess customer-facing

and device-related

features.

Interface Development


affect the design and

deployment of the

system to the client.

Integration &

Management


help the firm mitigate

risk and assist with

management and

oversight.

Enterprise Support


influence the enterprise’s

tactical fit and strategic

alignment with the

vendor.

“Best-in-Class”

Customer

Experience

“Best-in-Class”

Enterprise Support

“Best-in-Class”

Integration &

Management

“Best-in-Class”

Interface

Development

ATTR

IBU

TES

Mission

Critica

l Banking Functions

Consumer Security


Solution

Configurability

Solution Security

Administration

Data Management

System Integration

Technology

Innovation

Str

ong

Priority

Marketing

Customer Support

Software

Development

Software Support

Routing &

Prioritization

Customer Reporting

Geographic

Coverage

Product Maturity

Vendor Stability

Pro

duc

t

Diffe

rent

iato

r

Device Peripherals Deployment Options Pricing Flexibility

CA

TEG

OR

IES

Phase 1

Utilizing qualitative and

quantitative data, CEB

TowerGroup identified 21

attributes that define a “Best-in-

Class” Mobile Banking Solution,

which are grouped into four

categories.

Phase 2

Recognizing that all attributes are

not equally important, CEB

TowerGroup divides them into

tiers to reflect their level of

importance as mission critical,

strong priority, or differentiators.

Phase 3

Certain products are recognized

as “Best-in-Class” after scoring

each product based on its

performance at an attribute level.


21

PRODUCT RANKING MATRIX

• Vendor rankings are based on

our proprietary 5-point rating

system for each of the 21

attributes in our mobile banking

systems anatomy.

= Best-in-Class in Anatomy Category


should use the ranking matrix in

combination with the Mobile

Banking Diagnostic Anatomy to

select the vendor that best

aligns with their firm’s needs.

Source: CEB TowerGroup Research

Vendor Product Customer

Experience

Interface

Development

Integration &

Management

Enterprise

Support

Infosys Finacle Mobile Banking 4.84 4.57 4.83 4.28

ACI Mobile Channel

Manager N/A N/A N/A N/A

D+H Cavion Mobile Banking N/A N/A N/A N/A

Digital Insight Mobile Banking Suite N/A N/A N/A N/A

FIS FIS Mobile N/A N/A N/A N/A

Fiserv Mobiliti N/A N/A N/A N/A

Kony Solutions Retail Banking N/A N/A N/A N/A

Misys BankFusion Mobile

Banking N/A N/A N/A N/A

Monitise Mobile Money N/A N/A N/A N/A

MShift AnyWhere Mobile N/A N/A N/A N/A

Oracle FLEXCUBE Mobile

Banking N/A N/A N/A N/A

SAP Mobile Banking N/A N/A N/A N/A

Temenos Connect Mobile N/A N/A N/A N/A



22

Category Scoring Analysis

Customer Experience

• Customer Support: Finacle Mobile Banking’s support options are an important part of

the product package, and underscore the necessity to tie the Internet-enabled and

voice-enabled capabilities of mobile devices. Infosys has a three-level customer

support structure, offering 24x7x365 customer support available within the bank, at

regional call centers, and at global call centers. The system presents customers with a

fast and effective way to resolve their issues.

Interface Development

• Solution Configurability: Finacle Mobile Banking allows for rapid bank and end-user

configurability. Through the app builder tool, administrators can configure the look

and feel of the app based on the bank's branding, set default language settings, and

customize banner ads. Solution features may be manipulated by customer segment.

Customers can also configure features themselves, including some navigation features

as well as time zones, and preferred currency and language while in the application.

Integration and Management

• Administration: Finacle Mobile Banking’s administrative console is a cornerstone

feature of the solution. The module logs internal activity, creating a transparent and

seamless workflow environment that fosters collaboration amongst employees. An

integration with Jasper Reports helps users report on both technical and business KPIs,

and reports created are configurable for any end user skill level.

Enterprise Support

• Pricing Flexibility: Infosys utilizes both traditional license pricing models for on-

premise installations and pay-per-use pricing models for SaaS/cloud deployments in

order to serve a broad range of financial institutions. Though most clients opt for the

traditional license-based model, Infosys recognizes the trend towards multi-tenant

cloud systems with its varied pricing models.

Infosys received “Best-in-

Class” achievements in all 4

categories: Customer

Experience, Interface

Development, Integration

and Management, and

Enterprise Support.

• Customer Experience includes

those attributes that assess

customer-facing and device-

related features.

• Interface Development includes

those attributes that affect the

design and deployment of the

system to the client.

• Integration & Management

includes those attributes that

help the firm mitigate risk and

assist with management and

oversight.

• Enterprise Support includes those

attributes that influence the

enterprise’s tactical fit and

strategic alignment with the

vendor.

“BEST-IN-CLASS” ACHIEVEMENTS FOR INFOSYS



6 5 4 3 2 1

9

10

11

7

8

13 14 15 16 17 18 12

20

19

MOBILE BANKING SOLUTIONS METHODOLOGY ANATOMY

System Integration

The solution allows for

integration across various

information and service

systems and supports

single sign-on for all users.

Administration

The solution allows the bank

to manage administrative

permissions, customer

settings and activity

reporting.

Marketing

Banks can leverage the

solution to share financial

product information,

rewards, and other

marketing communications.

Banking Functions


user to interact with the

full range of retail

banking functions.

Consumer Security


user-managed and risk-

based security as well as

multifactor

authentication.

Customer Support

The solution integrates

with customer support

information, contact

methods, and processes.



user to perform functions

across banking channels.

Device Peripherals

The solution may utilize

the mobile devices'

integrated peripherals.


The solution feature set

and presentation is

configurable to user

preferences and market

segmentation.



development by both

vendor and customer

using the most current

methodologies.

Deployment Options

The solution includes

management and deployment

of various banking capabilities

for multiple software

deployments.

Software Support


ongoing monitoring for

issues, patch

management, and

facilitates updates.

Solution Security


comprehensive security

measures to protect data

being transmitted as well as

resident everywhere on

devices.

Data Management

The solution integrates with

front and back end solutions

across lines of business with

little or no customization

from vendor.



transaction routing to

appropriate workflow queues

depending on perceived risk,

payment channel, or bank

defined hierarchy.

Customer Reporting


ongoing data collection

and reporting on customer

adoption and usage.

Geographic Coverage

The vendor provides

multilingual and multicurrency

capabilities to support

operations in multiple

localities where the bank

operates.

Pricing Flexibility

The vendor offers multiple

pricing options with

flexibility for additional

on-going support

packages.

Product Maturity

The vendor offers a

product with industry-

leading technology, and a

growing market share and

client base.

Customer Experience

Integration & Management

Enterp

rise S

upp

ort

Inte

rface

Deve

lopm

ent

21

Scoring Methodology

To arrive at a vendor ranking, CEB TowerGroup developed a proprietary scoring metric outlined by the

attributes within this anatomy that highlights the major elements of an enterprise investment decision. This

metric assumes that every element is not equally important, and therefore assigns a higher level of

importance to those attributes critical to a Mobile Banking solution. The remaining attributes are then

divided further into two tiers to reflect their level of importance, highlighted below.

Tier 1 Attributes –

“Mission Critical”


“Strong Priority”


“Product Differentiators”

Banking Functions

Consumer Security



Solution Security

Administration

Data Management

System Integration


Marketing

Customer Support


Software Support


Customer Reporting

Geographic Coverage

Product Maturity

Vendor Stability

Device Peripherals

Deployment Options

Pricing Flexibility

Vendor Stability

The vendor has an

established industry

presence and can provide

long term support for

institutions.


The vendor has a market-

leading product strategy

to incorporate emerging

technologies and

capabilities.

© 2013 The Corporate Executive Board Company. All Rights Reserved. Source: CEB analysis. 24

UNDERSTANDING OUR SCORING METHODOLOGY

CEB TowerGroup develops a

unique and proprietary

scoring methodology that

highlights the key priorities

for an executive’s

investment decision.

Every vendor product featured in

this report is scored on each of

the 21 attributes outlined in the

Mobile Banking Diagnostic

Anatomy on a standardized1-5

scale.

We calculate the weighted

average of a product’s attribute

scores in each of the 4 categories

of the anatomy to arrive at an

overall category score.

Sample Technology Analysis Internal Anatomy Scoring Guide

Illustrative

Anato

my

Category Customer Experience Interface Development

Attribute Title Customer Support Solution Configurability

Attribute

Definition

The solution integrates with customer support

information, contact methods, and processes.

The solution feature set and presentation is

configurable to user preferences and market

segmentation.

Sco

ring M

etr

ic

5

The solution includes intra-app support for issues related

to app or account support including guides that include

FAQs, visual cues, as well as the ability to initiate and

inform a support request to customer service via email,

chat, or phone.

Administrators can manage the user experience and

app presentation, including adding new modules,

turning features on and off for configurable segments,

and this does not require a software update to

implement.

4

The solution provides FAQs or pre-determined

troubleshoots for customer issues and offers users the

option to pursue other customer support options on their

mobile device.


app presentation, including turning features on and off

for pre-defined customer segments, and this does not

require a software update to implement.

3

The solution redirects the user to help options or a

customer support process outside of the application, but

these options are not directly integrated into the

application.


app presentation, including turning features on and off

for pre-defined customer segments, but this requires a

software update to implement.

2 Customer support information and out-of-app contact

methods are offered, but the user must pursue options

independent of the application.

Administrators can assign different user experiences

and app presentation settings, but this requires a

software update to implement.

1 The application offers no support for technical or account

issues.

The solution can be branded with the financial

institution logo and colors, but no other configuration is

available.

Attribute Score: 5.0 3.0



25

MOBILE BANKING SOLUTIONS - EdgeVerve · series of interviews and surveys with financial ... Mobile...

Documents

Transcript of MOBILE BANKING SOLUTIONS - EdgeVerve · series of interviews and surveys with financial ... Mobile...