According to AT&T, the mobile banking application will be pre-loaded on future AT&T handsets with the mobile banking icon in the applications folder. The application is also available for download on 30 handset models. Customers who want to access this facility need to sign at their financial institution’s online banking website, where an initialization code is issued. Customers can create their own personal identification number to access the application.
AT&T customers do not have to pay any additional fee to access mobile banking besides the data usage charges.
According to financial research and consulting firm Celent, as of 2007, approximately 46 million households use online banking and it is expected that approximately 17 million households will use mobile banking by 2010. By 2010, 35% of online banking households are estimated to use mobile banking, up from less than 1% in 2007. It also estimates that by 2010, about 70% of bank center call volume will come from mobile phones.
Meanwhile, the Online Banking report says that the US mobile banking and payments market is expected to reach 10% penetration within the next four years.
The ability to perform banking functions using a wireless handset is attractive for people who need to make financial decisions on the go, business travelers, college students and anyone who desires the flexibility that wireless delivers, said Mark Collins, vice president of Consumer Data at AT&T’s wireless unit.
Source: ComputerWire daily updates
