US Banks Prepare Themselves for Mobile Banking Revolution

6:15 am on January 5, 2006 | Category: Business, Wireless Technology

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With a new year already upon us, it seems a sure bet that banks around the world will continue looking for new ways to connect with and serve clients. And one service that has a lot of growth potential in the next few years would have to be mobile banking.

It is already possible to bank at any bank branch, ATM, or computer around the world, so the next logical progression is to make banking truly mobile, by combining it with the worldwide phenomena of cell phones.

Several major banks in the US already offer banking information services to cell phone users, but we can expect this type of technology to expand an proliferate in 2006 and the years beyond.

“The consumer is attracted to wireless, and increasingly wants that balance between access — easy, quick, anytime, anywhere — and at the same time wants safe and secure,” said Barbara Desoer, a technology executive at Bank of America. “Our challenge is to find the blend of that for the next generation of banking customer.”

Of course, mobile banking could go far beyond checking one’s balance. Some banks in Asia are allowing their customers to pay bills and approve transactions wirelessly. While Desoer and other US banking executives don’t see this becoming widespread in North America anytime soon, there likely is a future market for such services.

In the end, the first bank to succeed in capitalizing on full-service mobile banking is sure to gain quite a bit of business. And once one bank does this, all the others will begin clamoring for a piece of the action. How soon this will happen is hard to say, but it could well be sooner than many bankers believe.

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    3 Comments »

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      Comment by Dr. Ye — January 26, 2006 #

    2. TO WHOM IT MAY CONCERN

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      Comment by Eddington Chaduka — February 17, 2006 #

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      Comment by Graeme Cox — May 12, 2006 #

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