|[April 18, 2012]
Javelin Identifies Bank of America, Citi and USAA as Top Tablet Banks
SAN FRANCISCO --(Business Wire)--
Strategy & Research's latest report - "2012 Tablet and Banking
Report" - assesses the booming tablet banking market, as mobile banking
by tablet owners is now growing at twice the rate of non-tablet
owners (49% vs. 22%). This growth will continue as overall tablet
adoption is forecasted to grow to 40% by 2016. While the majority of top
banks have iPad and Android (News - Alert) apps, three financial institutions (FIs) - Bank
of America, Citi and USAA - have emerged as tablet banking market
leaders. FIs can use Javelin's analysis of market data on tablets,
consumer's behaviors and preferences, changing market share of operating
platforms, and key recommendations to develop winning strategies for the
tablet banking market.
Bank of America, Citi and USAA have each pursued a different
strategy in tablet banking. Bank of America leads with native - or
tablet-optimized - apps. While a majority of the top 25 banks have iPad
and Android apps, less than 20% have native tablet apps specifically
designed for the iPad, Android or Kindle Fire (Android-based platform)
versus ported over smartphone apps. Bank of America is the only FI that
has rolled out native apps for the iPad, Kindle Fire, and Android
platforms. Citibank has made its presence felt in tablet banking with
their Kindle Fire app by providing effective and intuitive personal
financial management tools that appeal to tablet consumers in "layback
mode" to help them better analyze their account spending and set goals
and budgets. Meanwhile, USAA has the top-ranked tablet banking apps and
received the highest consumer rating on Apple's (News - Alert) App Store.
"FIs should first optimize their mobile sites for tablets because
most tablet owners access their bank accounts using browsers," said Mary
Monahan, EVP and Research Director, Mobile at Javelin.
"Only then should FIs deliver an enhanced experience and deepen customer
relationships with downloadable apps. Our report provides a risk/reward
framework so FIs can identify cost-effective solutions for optimization
across platforms and allocate resources accordingly."
"FIs will need to consider which tablet strategy will deliver the
best return on investment in this rapidly developing and changing
market," said Jim
Van Dyke, President, Javelin. "We deliver key insights
and data on tablet consumer demographics, behavior, devices, and
operating platforms, so FIs can effectively target tablet bankers and
offer the right mix of tablet banking services."
Tablet and Banking Report explores how FIs can succeed
in the tablet banking market and provides key recommendations to
prioritize and develop strategies.
Selected Key Report Findings - Tablets
Apple holds the top market share with 55%.
Amazon's Kindle Fire captured 10% of the tablet market in just a
Tablet owners have higher rates of mobile person-to-person
Tablet owners are young (25-44), wealthy (incomes exceed
$100,000 and have more investable assets), and use many bank products.
For additional details, click: "2012
Tablet and Banking Report: Strategic Approach to a Mobile Game Changer".
Related Javelin Research:
About Javelin Strategy & Research: Javelin
Strategy & Research provides strategic insights into customer
transactions, increasing sustainable profits for financial institutions,
government, payments companies, merchants and other technology
providers. Javelin's independent insights result from a uniquely
rigorous three-dimensional research process that assesses customers,
providers, and the transactions ecosystem.
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