Javelin Strategy and Research has released its newest report and vendor scorecard for mobile banking, and the research firm says that mobile banking is no longer an option for financial institutions.

"Mobile banking, once considered a 'nice-to-have', is now a 'must-have' for FIs who want to stay competitive and meet growing consumer demand for this channel," said Mary Monahan, Javelin's EVP and research director for mobile, in a statement.

Javelin's new report also looks at trends in mobile banking and scores the mobile banking products of 15 vendors based on survey data from 10,000 consumers as well as interviews with execs from six FIs. The study finds that consumer use of mobile banking went from 19 percent to 30 percent of consumers in 2011. This jump came after two years of relatively flat growth. Javelin attributes the growth to more FIs offering consumers mobile banking options as well as a corresponding increase in consumers owning smartphones.

Additionally, Javelin's report says that mobile banking through SMS text messaging, mobile browser and downloadable apps is becoming an industry standard with four out of five mobile banking vendors providing solutions that hit all three channels.

Javelin also says that its study shows security remains a top concern, with nearly half of its respondents saying security fears are their main reason for not accessing mobile banking tools.

Among the vendors identified in the report as leaders in the mobile banking sector, Javelin singled out Fiserv as "Best in Class" and selected mFoundry with a "Path to Mobility" award.

For more stories like this, please visit our mobile banking research center.