mFoundry says that its mobile platform has now exceeded the 1 million user mark.
“Over the past year we’ve seen torrid growth in end-user adoption and new client signings,” notes Drew Sievers, CEO, mFoundry. “The proliferation of smartphones into the market, combined with the rapid uptake of mobile banking technology by banks and credit unions, is providing a fertile foundation for business growth.”
With nearly 200 customers, much of mFoundry’s traction in new sales is coming from the emerging middle market of credit unions and community banks that are looking for a cost effective way to deliver the most powerful mobile solution possible.
“While there are some reports indicating that mobile banking growth is slowing, our experience is the complete opposite,” commented Sievers. “Over the past nine months, we’ve seen an average of 10 to 15 new customer signings per month across our direct and channel sales efforts. User adoption is also scaling rapidly with average sequential monthly growth of more than 10%, or nearly 300% annual growth.”
“Nearly all of the large financial institutions in North America have deployed a mobile banking offering,” says Bob Egan, Chief Analyst at the Tower Group. “In order to compete in the middle and lower end of the market, mobile solution providers have to deliver value. Providers who can’t deliver a high quality solution quickly and efficiently will be at a significant disadvantage in the sales process, while those with directly connected solutions and closely aligned strategic partners will be perfectly positioned to scale their businesses.”
“mFoundry and its partners have been able to grow quickly because of our investment in technology to enable a bank or credit union to launch in 90 days or less,” adds Sievers. “Going live is a simple matter of configuring the product through a web-based console, often choosing predefined adapters into core processing, online banking, card processors, and location providers. It’s all about removing friction from the deployment and focusing on adoption and a simple, intuitive user experience.”