Mobile Banking

MOBILE BANKING
I thought that, in light of this week's discussion of mobile marketing, I would talk a little more about my discussion board entry of mobile banking.  Banking has come a long way over the years.  ATM's first allowed customers to quickly withdraw cash from remote locations without the need of a teller.  Years later, the Internet gave people the ability to manage their bank accounts and transfer money from their homes.  A new wave of banking, mobile banking, is now upon us.  Mobile banking gives people the ability to manage their bank accounts, transfer money, receive alerts, and even communicate with their financial institutions right from their phones!  As an employee for Discover Financial Services, my company launched its first application for mobile phones just over a year ago.  This application allows our customers to access their account for a wide variety of functions.  Customers can check their balance and payment due dates, they can make payments on the go, they can view previous transactions, edit their profile information, sign-up for rewards promotions, and perform other functions.  It's a great tool for customers.

Chase has taken mobile banking in a new direction as well.  Chase has implemented a feature where you can simply take a picture of a check, and you can send it to Chase to be deposited.  All you need is a phone with a camera!  Physorg.com goes into even more detail about this feature.

Mobile banking will only get more advanced as time goes on.  Financial Highway talks about the 5 key aspects of mobile banking:  Mobile Payments, Mobile Check Processing, SMS Banking (receiving alerts from your financial institution on your phone), General Banking functions, Increasing Mobile Application Technology.  These key aspects not only illustrate the benefits of mobile banking, but they also illustrate why mobile banking is becoming so popular.  Imagine paying your bills, and managing your bank account from your phone while on a camping trip!  In a time when the economy is poor, people can't afford to miss payment deadlines or not manage their accounts.  With mobile banking, customers are always prepared to manage their accounts.