Innovations in Mobile at Finovate

by Bart Narter, October 19, 2011
Product Trends/ Reviews
Global, Asia-Pacific, EMEA, Latin America, North America

Abstract

Mobile financial services remains perhaps the most exciting topic for bankers today. They are still relatively new, and they are changing rapidly. Press releases announcing “the next big thing in mobile” are issued almost daily around the world, and many get starry eyed when talking about the size of the mobile market and how mobile is changing the financial services and retail landscapes.

In this report, Innovations in Mobile at Finovate, Celent discusses companies presenting at Finovate that displayed a meaningful offering in the mobile space. The following startups are featured:

  • Bankons
  • Discover and PayPal
  • eWise
  • Goal Mine
  • Kony
  • Mitek
  • Truaxis
  • Wipro

“Mobile is very important. There are over 1 billion mobile Internet users globally, and 23% of the time, they are accessing the Internet their via mobile phones, according to Google,” says Bart Narter, Senior Vice President of Celent’s Banking Group and author of the report, “Mobile is better suited for consuming information than entering data. It is far easier to enter information on a PC, on which it is much easier to originate accounts and set up bill pay recipients than a mobile device.”

In this report, Celent evaluates each startup company’s mobile offering based on criteria such as relevance to financial institutions, relevance to end users, innovation, market voids filled, business models, and relevance to mobile.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

3

Introduction

4

Bankons

6

Bill Shrink

12

Discover/PayPal

16

eWise payo

21

GoalMine

24

Kony

30

Mitek

35

Wipro

37

Conclusion

42

Leveraging Celent’s Expertise

43

 

Support for Financial Institutions

43

 

Support for Vendors

43

Related Celent Research

44

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