Mobile phones have increasingly become tools that consumers use for banking, payments, budgeting, and shopping. Given the rapid pace of developments in the area of mobile finance, the Federal Reserve Board began conducting annual surveys of consumers’ use of mobile financial services in 2011. This 78-page report, “Consumers and Mobile Financial Services” (March, 2015) examines trends in the adoption and use of mobile banking, payments, and shopping behavior and how the emergence of mobile financial services affects consumers’ interaction with financial institutions.
mFoundry Signs Up 400+ Financial Institutions for mBanking Solution
mFoundry, a provider of SaaS-based mobile banking and payment solutions, today announced more than 400 U.S. financial institutions have selected mBanking, the company’s flagship mobile banking and payments solution.
“The pace of mobile banking adoption of mFoundry’s mobile banking solution is incredible,” said mFoundry CEO & Co-Founder Drew Sievers. “We’re currently adding about one new financial institution per day to our platform through our direct and channel relationships. While we’re seeing the strongest demand in our company’s history, there’s no question the true demand is being driven by the consumer who has made it clear they expect their financial institution to offer a sophisticated mobile access point.”
The demand for mobile solutions is increasing as smartphone penetration in the market accelerates and the ROI and revenue-generating opportunities for banks and credit unions become clear. While baseline functionality is important for any mobile solution, it’s the addition of new mobile-specific features like Mobile Deposit, which mFoundry recently launched with PNC Bank and the CO-OP Financial Services, that continue to increase the value of mobility to banks and consumers alike.
“At this point, we’re seeing user adoption increase by more than 10 percent each month,” added Sievers. “This means annual end-user growth in excess of 200 percent. Mobile banking and payments technology has moved from niche to mainstream in a heartbeat, and I see no sign of the pace slowing anytime soon.”
With more than 5 million users interacting with mFoundry mobile banking technology, mFoundry believes there is a clear opportunity to drive enhanced customer loyalty and increased revenue opportunities for their clients. With the fastest-growing SaaS solution in the market, mFoundry expects to capitalize on its strong position with new, value-added features for banks and credit unions.
“Companies with scale in both financial institution signings and end-user adoption are in an excellent position to grow healthy, long-lived businesses,” said Bob Egan, Managing Director, Chief Analyst, Sepharim Group. “With their hosted solutions, SaaS-based providers in particular are well suited to rapidly add new compelling features to their solutions.”
About mFoundry
mFoundry is most popular mobile banking solution in the U.S., currently the choice of more than 400 banks and credit unions nationwide. mFoundry’s mBanking product is the leading software-as-a-service (SaaS) based mobile banking solution in the market today.
mFoundry’s mobile banking customers include leading financial institutions, including Bank of America, Central Bancompany, PNC Bank, Zions Bank, Verity Credit Union and Nassau Financial. mFoundry also has one of the most extensive partner networks of all mobile banking vendors, including FIS, Open Solutions, PSCU, NCR, CO-OP and FirstData,.
In addition to its mobile banking experience, mFoundry has established itself as a leader in mobile payments, through its work with retailers like Starbucks Coffee Company. mFoundry developed and manages Starbucks Card Mobile program, the most successful mobile payments program to date, currently used in more than 6,800 stores nationwide.
mFoundry was founded in 2004 by Drew Sievers and Rodney Aiglstorfer. The company is headquartered in Larkspur, California, with additional offices in downtown San Francisco.