Comments on: Will mobile banking succeed?

By: James Whatley

James Whatley — Sat, 16 Feb 2008 18:17:30 +0000

Banks haven't got the foggiest. Rant imminent. James Whatley's last blog post..Speaking Freely

By: Zvi Efroni

Zvi Efroni — Mon, 11 Feb 2008 10:24:21 +0000

Well looks like some customers (Banks) are looking for a full blown secure (with 2FA) SMS Banking Applications, that’s included balance queries, payment and fund transfer, looks like the SMS is easier to use specially by the young guys that still have good eye sight.
It is much easier to send SMS with payment instructions than logging to your bank site since you can take all your bills with you to work and clear it at your lunch break.
At least in Asia we are working on few such mobile banking from the security aspects
zviefroni
dsssasia.com

By: Peter Glyman

Peter Glyman — Mon, 21 May 2007 03:35:48 +0000

Hey Guys,

Shameless plug here. We just launched a new app last week called Geezeo Mobile. It’s free and the service lets you chack your bank balances and available credit from your cell phone using text/sms. Hope you check it out. We’d love your feedback.

Pete Glyman
geezeo.com

By: Diarmuid

Diarmuid — Sun, 20 May 2007 14:12:13 +0000

Both the Javelin and the recent Compete inc. banking reports make a number of key points. What is clear from speaking to consumers, they don’t want to replicate online banking (or what you can do in a branch) on their phones. It’s not about form factor – it’s about what needs are unmet.

For example, some banks have launch bill payment via mobile client – well when you get a bill – the chances are in is in the mail – so you are at home. Well at home I have a number of ways of paying that bill. I can post a cheque, pay online, call my bank or even call and pay using credit card. Firing up a java client will struggle to get to the top of the list of payment methods.

However if I’m in, say, the Apple Store on Regents Street looking at the new MacBooks – it would be really handy to check my bank balance there and then to see if I can afford one this month.

And this is exactly what AT&T and Bancorpsouth discovered in their recent trial (from memory) by a factor of 4 the most common activity was checking bank balance. (And interestingly, electronic bill payments did increase for trialees – but they used online banking – not the phone client).

Whilst you can build a multitude of java apps to give you a bank balance, many, many banks have discovered that SMS works perfectly for this kind of activity.

So my advice, look at what is the unmet need for your customers, look at what channels are available to your customers, and design a service to met those needs whilst a exploiting the most appropriate channel.