"KeyBank's challenge was to satisfy our near-term desire to offer customer mobile access and alerting, while putting in place a proven platform we could leverage into the future as we expand mobile banking and payment services for our customers," said Allison Landers, senior vice president, Virtual Banking, KeyBank. "Fiserv demonstrated superior breadth of product and project implementation excellence. Mobile Money from Fiserv will enable KeyBank to reach the mobile devices of both our online and offline customers across all bank business lines, with the potential to reach our return-on-investment targets faster than other approaches we considered."
Mobile Money provides KeyBank with "triple play" technology that enables consumers to access their accounts using any of the three primary mobile access modes: a downloaded application, mobile browser, or SMS (text messaging). The text messaging capabilities are provided by VeriSign Messaging and Mobile Media, which successfully delivered more than 224 billion mobile messages through its networks in 2008.
KeyBank's selection of a mobile enterprise financial services platform from Fiserv is consistent with recent recommendations from market analysts and commentators. The recent report, How to Get Started with an Enterprise Mobile Retail Financial Services Approach, published by Gartner, suggested that banks and credit unions who select vendors that deliver enterprise channel solutions are more likely to effectively manage the long term costs of the mobile channel, while maximizing channel adoption and usage across all customer segments.
"Fiserv clients tell us that reducing costs and improving customer retention metrics through engagement are among their top priorities for the mobile channel," said Todd Lesher, Division President, Electronic Banking Services, Fiserv. "Mobile Money from Fiserv can deliver real ROI by enabling financial institutions to migrate consumer and business transactions away from more costly channels such as the contact center and physical branch."
In a recently released report, Mobile Banking Vendor Evaluation: The Slightly Maturing U.S. Landscape, industry analyst firm Aite evaluated 14 different mobile banking providers active in the U.S. across the three technology channels - downloadable application, mobile browser, and text messaging. The analyst firm ranked these providers against four main criteria within each channel: breadth of services delivered by vendors per channel; breadth of marketing channels by which the service is promoted; breadth of security made available; and the range of options for core system integration. M-Com, the technology partner underlying Mobile Money from Fiserv, tied for first place as a "triple play" provider of all of the primary technologies used to enable mobile banking: downloadable applications, mobile browser and SMS (text messaging).
M-Com and Fiserv announced their technology partnership in September 2008 under the label Mobile Money from Fiserv. The Mobile Money solution combines banking and payments capabilities, and includes functions such as balance inquiries, transaction history, account transfers, bill payments and one and two-way account alerts. Informational services such as an ATM and branch locator are also included.
The agreement to use Mobile Money deepens the existing relationship between KeyBank and Fiserv. The bank currently utilizes Fiserv solutions for online bill payment, cash and logistics, revenue enhancement, investment services and business banking.