Tuesday, April 10, 2007
Banking “On The Go” Accelerates
byComing on the virtual heels of the launch of the MasterCard Nearby mobile banking service, Citibank just unveiled Citi Mobile, an “on-the-go” banking cell-phone application offering similar services to its online bank offering.
Registered users may view current balances and account activity, pay bills and line up future payments, transfer funds, find an ATM and connect directly to customer service reps.
Wachovia, Bank of America, MasterCard and other big banks plus major cell-phone carriers recently have announced mobile banking services. The moves have been fueled by new software, “smarter” cell phones and customers who demand more data-intensive tasks on the go.
Anaylsts correctly predicted that mobile banking is just the “toe in the water” in 2007, and expect “contactless payments” to follow, allowing cell phones to be used as electronic wallets or payment devices instead of credit cards. Mobile marketing is heating up as well at MasterCard and Visa, letting mobile-banking customers redeem rewards, coupons or offers sent to their cell phones.
Analysts also see 2007 as the year to iron out the wrinkles in mobile banking functionality. They predict that once customers extend their banking transactions to mobile devices, customers will expect banks to let them access their money on the go.
