Busted: Bankers and The Global Economy

February 11, 2008

Mobile Banking Hot for Banks

Filed under: banking, investment, money, security, tracking — Tags: , , , , — digitaleconomy @ 12:00 am

Charlotte Observer Article
For years, bankers have been interested in the concept of mobile banking, but the concept failed to gain acceptance the first time. I have discussed the advances in the banking and financial industry in the area of new application of technology including RFID. The public wisdom is “with mobile banking, you don’t need a computer to check balances, pay bills and transfer funds among your accounts; all you need is a Web-enabled cell phone.” Banks are bringing mobile service on board as a supplemental service instead of trying to replace paper statements, which some customers insist on.

In the eyes of the bank are opportunities for advertising and keeping the customer as the cell phone must be programmed with their services. This makes a lateral move to another bank more difficult. Only time will tell if bank begin to see a problem with hackers. New phones are coming online in 2009 that may further secure banking technology using RFID. The convenience of banking is seductive to many and people often sell out to technology under the guise of control.

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