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Celent reports on mobile payment innovation at Finovate

Tuesday, August 28, 2012 — 12:40:33 (EDT)

New York, Aug. 28, 2012 -- Mobile financial services are a rapidly growing segment currently at the forefront of bankers' minds as they develop multichannel and digital strategies. The landscape is constantly evolving, and the financial services industry, historically lagging in next-gen technological adoption, is increasingly trying to leverage the potential of this new frontier.

In the report, Innovations in Mobile at Finovate, Celent examines a few of the mobile offerings featured at FinovateSpring 2012 from the following companies:

• DeviceFidelity
• BehavioSec
• TIO Networks
• edo Interactive
• Expensify
• Flint Mobile
• NICE Systems
• CSI Enterprises

Inclusion in this report was based on the relevance of the technology to financial services-solutions with mobile functionality alone were not enough. Some solutions featured mobile financial services applications but didn't really take advantage of mobile features, straddling the line between online and mobile. These solutions were not included.

"Mobile functionality is location-aware, generally immediate, and action-oriented," says Stephen Greer, Analyst with Celent's Banking Group and author of the report. "Mobile is more for consuming information than entering data. It is far easier to enter information on a PC, which makes it much easier to originate accounts or set up bill pay recipients on a PC than a mobile device."

This report examines 8 of the most interesting mobile presentations featured at FinovateSpring 2012. Out of 64 total presenters, Celent chose only those who had a meaningful offering in the mobile space. Companies that presented solutions which utilized the online channel were not included in this report because functionality between the two, in many ways, is decidedly different.

About Celent

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 experienced 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 part of Marsh & McLennan Companies [NYSE: MMC].

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Source: Company press release.