With all of the new apps available for smart phones, it’s been said that consumers will soon be able to run their lives from their phones.
Especially popular with Gen Y-ers, mobile phones allow consumers to check email, update their Facebook page and even remotely start their car (if they drive the right model). Many banks now offer the convenience of mobile banking through mobile phones, as well.
Entering the mobile arena requires that banks research what customers are looking for in a mobile banking solution, and select the right vendor to partner with. It’s advisable to undergo several months of testing various mobile banking capabilities before introducing an app to your customers.
With mobile banking, customers can perform tasks such as checking balances, tracking account activity, and setting alerts for text or email messages for changes to their account. They can also transfer funds between accounts, and identify the nearest branch or ATM directly from their phones.
When offering a new service like mobile banking, it’s important to appeal to all types of mobile phone users. I suggest offering customers three ways to use mobile banking: Text banking, mobile web through a mobile phone’s web browser, and downloadable apps for iPhones, Blackberrys, Androids and Windows phones.
Banks may establish criteria for account holders, such as being enrolled in online banking, depending on how the mobile solution integrates with the existing bank’s systems. At Rockland Trust, our solution integrates with both core and online banking, enabling customers to use our mobile banking service whether or not they are enrolled in online banking.
A recent addition to mobile banking is the mobile check deposit app. Mobile check deposit allows customers to easily deposit checks from their phones by taking a picture of a check and submitting through a mobile deposit app. Market research indicates that both consumers and businesses are looking for convenience and value in their banking relationship. This product offers both – it’s easy to use and free.
To minimize fraud risk associated with mobile check deposit, banks should pre-qualify customers for the service. At Rockland Trust, the mDeposit service is currently available on iPhones for both consumers and businesses, with Blackberry, Android, and Windows phone capability coming soon.
With any new product involving an electronic channel, measures must be taken to ensure security and discourage fraud.
At Rockland Trust, mobile banking offers the same security features and protection as other online services, including encryption and password security. Accounts are monitored for potential fraud, and appropriate check deposit limits are set based on the customer relationship.
Smart banks continually solicit feedback from their customers and evaluate technologies and services to look for new ways to offer convenience and value. One new service currently being evaluated by Rockland Trust is mobile billpay. Mobile billpay will enable consumers to pay their bills directly from their mobile phones.
Our objective is to make banking easy and provide exemplary service whether customers are using our mobile technology or working directly with our staff.
Jane L. Lundquist is executive vice president, retail banking, mortgage and corporate marekting for Rockland Trust. Email: jane.lundquist@rocklandtrust.com
