Mobile application platform provider mFoundry has announced that it is working with Verizon Wireless on a banking and financial services solution, and Verizon is expected to support the mFoundry Spotlight Financial Platform. The Spotlight platform allows for the accommodation of multiple types of financial services content, including support for banking, brokerage, credit and payment solutions, and currently can run on most popular mobile devices on the market.
by
Peter Suciu
on
May 15, 2007
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So it looks like mFoundry and Firethorn have split the major carriers between them at this point. For now, those carrier relationships are key, because carriers are the gate-keepers. But this space has another group of critical heavy-hitters that must be brought on board. The next question for these two market leaders has to be “who signs up the banks?” mFoundry’s approach to providing solutions that are equitiable to all the players in mobile banking probably resonates with the bankers. Firethorn seems to have cast its lot with the carriers and figures the banks will have no choice but to get on their wagon. Citigroup has already rejected that approach, and it would not be a surprise if other big banks do so as well. There is no mobile banking without the banks, and they see themselves as the dog in this business, not the tail. The next few months will be interesting.
It is true that mFoundry and Firethorn are effectively ‘fragmenting’ this fertile marketplace. The result of these deals with carriers will be less choice for the end consumer, and forced choice for the banks. ClairMail, another mobile banking provider, recognized these (and many other failures) of the ‘fat client’, carrier-dependent approach. That’s why ClairMail enables mobile banking via SMS, a universal capability on all devices and through all carriers. The banks that are choosing ClairMail’s approach have the upper hand because they are not dependent on the carrier and they provide a genuine opportunity for their customers instead of a walled garden. Also, SMS doesn’t require the consumer to download proprietary software, nor does it require the banks to commit to supporting a proprietary platform. In the end, the simplest path is… text in, text out. The fancy eye-candy derived from Firethorn & mFoundry may win the carriers a (few) extra customers in 2007/2008, but after that the kudos will flow to the solution like ClairMail that better serves the banks and their customers.
Anyone who does not work at ClairMail who thinks SMS is the future of mobile banking please raise your hand? Anybody? Anybody? And I guess the return of the horse and buggy will solve global warming too? ClairMail’s approach to this is to warn of the dangers of “walled gardens.” Makes sense if you are on the outside looking in. But no bank that is serious about real mobile banking is likely to fall for it. Going back to the future with “call back” security and the, ummm, creaky user experience of SMS is not where this is headed. The proof, of course, is in the pudding. ClairMail “can’t discuss customers it is working with.” And I “can’t discuss” the super model I am dating.
I think Clairmail’s approach is the right one, look at the rest of the world – banking by SMS. The US is just a little bit behind in this regard.
Ever tried to get users to download software on their phone? Think again. It’s a complete nightmare, both for the user and to support.
I can’t believe banks would be so stupid to introduce a fat client for their users.
can i ask a basic question, does anyone care about mobile banking? what does this allow me to do that i can’t do at my computer, at the atm, in the branch, or by calling an IVR system? when do i really need access to my bank account in a mobile enviornment?
mobile banking is a snore, mobile payments is when i’ll start listening and by the time that comes around, all these mobile banking companies will be a thing of the past….
No doubt ATM’s will a thing of the past soon. After all, is there anything you can’t do at a branch? And internet banking? Flash in the pan. But mobile payments? Now that is really promising. After all, right now I can only pay with cash, by credit card, by debit card, by check, by paypal, by telephone transfer, by wire, and by sack of trading beads. Did I leave any out?