Thursday, July 12, 2007
ING Direct Launches Mobile Banking
by
American Banker reported this week that after a six month test, ING Direct has launched (albeit “softly”) its Orange Mobile service, another hot offering from the online/direct-banking giant.
Developed internally for use on the small screens of mobile devices, Orange Direct will allow customers to check balances, transfer funds, locate ATMs, check status of bill payments and refer friends to the bank. Orange Direct relies on a browser-based service, while other banks offer downloadable applications.
ING Direct executives predict a growing demand for such a service, and they are touting the company’s front-runner status for mobile banking (front-runner means joining the ranks of mobile-banking entries from Bank of America, CitiBank, Wachovia, Wells Fargo and WAMU).
CNBC reported recently that while still in its infancy, mobile banking is expected to grow as mobile device technology improves (think iPhone here folks) and as customers demand on-the-go functionality from their banks.
American Banker predicts that U.S. households using mobile banking will grow five-fold in the next year, to 5 million, and reach 11 million households by 2009.
And that should make customers, mobile device manufacturers and wireless carriers smile all the way to the virtual bank.
