The new mobile Web site offers a simplified version of the Discover.com account summary interface and includes the following functionality:

• Make a payment
• View recent transactions
• View recent and pending payments
• View rewards activity
• Enroll in the 5% Cashback Bonus program

Discover.com Mobile can be accessed by visiting m.discover.com from any mobile device that supports web browsing functionality. To log in, Discover Cardmembers simply use their existing Discover.com User ID and password.

Report author Howard Wilcox gave more details: “Transactional or “push” mobile banking is being offered increasingly by banks via downloadable applications or the mobile web, complementing existing SMS messaging services for balance and simple information enquiries. Mobile banking is a key element in banks’ distribution channel strategies as they compete to attract and retain customers.”

The Juniper report highlighted the extra user convenience as a key benefit. The mobile phone is the device that people – especially Generation Y – will not leave home without. Mobile banking is an addition to the wide choice of applications and services that they can access through their handsets to make life easier, especially via smart phones such as the iPhone.

However the report identified several factors that will need addressing to really foster market development including financial regulations which vary from country to country, application slickness, and security. Whatever the reality of the strength of the security, it is the perception and image in the mind of the user that dictates whether they will trust the service.

Regions Mobile Banking is an application that can be downloaded to a mobile phone and is already available on many newer phones. To use Regions Mobile Banking, customers must first log in to Regions Online Banking, select the Mobile Banking tab at the top and follow the on-screen steps to download this tool. Regions offers this service at no cost, though standard data charges from a user’s wireless carriers apply.

For a list of mobile devices that support Regions Mobile Banking visit www.regions.com/mobilebanking.

“The growth in smart phone adoption is expected to be a leading factor in the future adoption of mobile banking,” states Stephanie Atkinson, Managing Partner of Compass Intelligence. As consumers and business users continue to adopt smart phones, mobile banking becomes easier and more user-friendly to perform because these new smart phones entering into the market look and feel very similar to computers.

Adoption does tend to be higher, however, among certain subgroups including young adults (age 18-24) and frequent travelers (those that travel 5 times or more per month). As age increases, or frequency of travel decreases, adoption rates decline. Male users are also somewhat more likely to adopt mobile banking services. Adoption rates increase as size of business increases, with enterprises having the highest adoption rate (7.7%). Usage of mobile banking is also highest in the finance industry, as might be expected, and lowest among utilities professionals.

Highlights of the survey are displayed below:

• Smart phone users are a key factor influencing the use of mobile banking. 20.5% of smart phone users currently use mobile banking, while only 2.7% of basic cell phone users use mobile banking.
• Younger users are much more likely to use mobile banking.
• Men are more likely than women to use mobile banking.
• Finance, Health care and Transportation & Distribution industrial verticals have higher than average percentage of mobile banking users.
• Push-to-talk service users are more likely to use mobile banking than average mobile phone users.

The service is now available for all Firethorn financial institution partners, including America First Credit Union, Arvest Bank, BancorpSouth, Carolina First, FirstBank, Mercantile Bank, SunTrust, Synovus, USAA and Wachovia. Additionally, iPhone customers will have access to any new financial institution added in the future.

“Our customers are increasingly using their mobile phones as a hub from which they can manage nearly all aspects of their lives, and in addressing that trend, we’ve made it a priority to give them flexibility and control in managing their finances,” said David Christopher, chief marketing officer, AT&T Mobility & Consumer Markets. “The extension of this convenience and functionality to iPhone customers is further delivery on our commitment to this space.”

[image via iphone atlas]

“Intelligent SMS delivers a significant value-added service that is unique to the mobile messaging industry,” said Cameron Franks, director of mCommerce Americas at Sybase 365, who will present at the conference. “As mobile banking continues to gain momentum, our natural language feature helps banks to improve customer interaction and service adoption.”

Using the new service customers can opt to set up ‘High Balance’ and ‘Low Balance’ alerts to advise them when their current account balances reach, exceed, or fall below certain levels. They can then instantly transfer money into their savings account, or move money into their current account as needed using their mobile phone.

Through the Mobile Banking application customers will also be able to top up their own, or other ‘pay as you go’ mobile phones, direct from their current account.

The new service will also include an Overseas Transaction Alert. Subscribers will receive an alert if their debit card is used to withdraw cash from a cashpoint or to make a purchase abroad. This alert is designed to give customers control and peace of mind in always knowing what is happening on their account. These new services build on Lloyds TSB’s existing Mobile Services, which currently have about four million registered customers.

As part of Lloyds TSB’s student offer, any student account holders will be able to get the Mobile Banking Pack free until October 2009. Lloyds TSB Premier and Private Banking Premier account customers will also receive the services free of charge. For all other customers it will cost £2.50 a month. The weekly Balance Advice text and Overseas Transaction Alert are free for all personal banking customers as long as they have a Lloyds TSB current account and active debit card.

Through the wireless mobile technology, Grameen-Obopay plan to offer cross-border remittances, money transfer, payments, savings and credit accounts services. Working initially in Mumbai, India and in Bangladesh, The Grameen-Obopay Bank A Billion Initiative will begin delivering services in October, 2008.

Also available on a number of popular Get It Now-capable phones, Mobile Banking offers customers the following capabilities and features on their handsets: 

• Account Balance and Transaction History – Get account balances and account transaction history.
• Transfers – Transfer funds between eligible accounts at the same financial institution.
• Bill Payment – View and pay bills when enrolled in their financial institution’s Bill Pay service.
• Mobile History – View the last five transactions successfully completed on their mobile devices.

Currently Wachovia, Regions, SunTrust, USAA, Synovus, America First Credit Union (AFCU), Arvest, Bancorp South, FirstBank, South Financial and BECU offer the service. Once customers sign up for Mobile Banking through their financial institutions’ online banking site, they will receive an eight digit secure initialization code that will allow them to access the Mobile Banking application on their phones.

Mobile Banking is a safe and secure application, offering customers the following security measures: multi-factor authentication including initialization codes and six-digit PIN requirements; lock out after three invalid PIN entries; use of account nicknames instead of account numbers; encrypted transactions; time out of application after two minutes on Choose PIN screen and 10 minutes on other screens; and lost device functionality, which disables the application. In addition, funds can only be transferred between accounts that are set up with online access, and Bill Pay payees cannot be set up or edited on the phone.

To get Mobile Banking, Verizon Wireless customers with the BlackBerry Curve 8330, BlackBerry Pearl 8130 and the BlackBerry 8830 World Edition can go to the Home screen on their handsets and select the BlackBerry® Browser icon to go to the VZ Start home page. Once there, click on the Mobile Banking link to download the application. VZ Start home page can also be accessed by going to https://mobile.vzw.com from the browser. There is no monthly charge for the application, although data charges may apply.

Mobile Banking is also available on a number of Get It Now-capable phones in the Tools on the Go shopping aisle of the Get It Now virtual store for no additional monthly charge. Mobile Banking-capable phones include the Voyager by LG, Venus by LG and LG VX9400; MOTORAZR maxx Ve and MOTORAZR2 V9m; and Verizon Wireless FlipShot by Samsung, Verizon Wireless Juke by Samsung and Alias by Samsung. Airtime or megabyte charges apply for sending and receiving data using Get It Now, depending on the plan. Customers need a Get It Now-enabled phone and Verizon Wireless digital service to access the Get It Now virtual store.

“Mobile Banking provides consumers with the convenience of managing their finances on-the-go, right from their handheld device. We see over 100,000 users daily on peak high usage days,” said Lance Drummond, e-Commerce and ATM executive for Bank of America. “Consumers have a lot of activities to fit into their every day, but still expect to be connected and in control of their finances 24/7. More than 1 million consumers have found the right solution with Bank of America Mobile Banking.”

Nationwide, the innovative service is being widely adopted across the Bank of America footprint. Metro-locales that skew toward high mobile phone usage rank amongst the fastest adopters of Bank of America’s mobile banking service:

1. Los Angeles, CA
2. Atlanta, GA
3. Washington DC
4. Dallas, TX
5. New York, NY
6. Houston, TX
7. Phoenix, AZ
8. Boston, MA
9. Miami, FL
10. Anaheim, CA

Almost all customers use Bank of America’s Mobile Banking service to view account balances, eight in ten review transactions, while four in ten use their handhelds to transfer funds or pay bills. Frequency of use by active users continues to increase monthly, with over 4 million account sessions in May 2008 alone.

Notably, two-thirds of Bank of America’s mobile bankers are under 35 years old and four out of five are under 45 years old, as Gen Y and X consumers who have embraced mobile web technology are similarly driving mobile banking usage.

Bank of America’s Mobile banking transactions are safe and secure with SiteKey security service, as well as the Zero Liability Online Banking Guarantee. To help protect customer information, the bank has developed an end-to-end security feature that encrypts information when sent between the mobile phone and the bank.