Mobile banking sees little consumer interest in U.S.
By Brian White 
posted May 5th 2007 10:45PM
posted May 5th 2007 10:45PM
Trying to get U.S. wireless customers to use advanced wireless features and even web browsers on their phones is like pulling teeth sometimes. Banking institutions have figured this out apparently, as they are not really going crazy to deploy mobile banking services. Why? For some reason, customers just don't want the service. Well, 8% do, anyway. Research has shown that instead of duplicating online banking on a cellphone screen, banks should possibly experiment with text messaging services and market those features to younger users. So, customers aren't really demanding wireless banking over cellphones. However, that is not stopping some carriers from investigating more business from any channel.[Via mocoNews.net]
Yes, I agree with this cause people in the U.S. are generally too stupid much less your basic consumer. Too bad, so sad. At least other countries see the benefit from it. All we get is junior hackers trying to undo everything. So I guess its a blessing that we don't get this kind of stuff.
I use the bank of america mobile all the time. I actually find it to be very useful.
i use wamu.com on my pda. it is helpful to use while i travel.
With all the identity theft and the hacking of handsets I see why. Tho I agree we are kinda slow on the uptake of new tech.
The problem is that it is expensive and slow to surf the web on a mobile in the U.S.. Maybe when it becomes cheap and fast to use the web this feature will be attractive, but cell carriers need to open the floodgates.
Gee, think it could have anything to do with the ridiculously extortion like price modles? Starting with the insanely over priced data model (its all just data anyway), or stupidly insanely priced sms charges... maybe consumers are tired of getting screwed with their pants on and simple turn a blind eye to any offering that that gauges them by adding some trivial value? Services should being used to differentiate providers not to gauge consumers but that is just a totally unheard of concept to the cel companies in the uS.
US Carriers would rather nickle and dime us to death.
For unlimited internet and text on a handset Cingular wants $34.99 bucks a month. If you don't have a plan they charge by the kb and per message. Text messages without a plan on Cingular is .25 a message. People can't afford that.
Wells Fargo used to have this service with Sprint - back in the pre 3G wireless web days. They never said why they d/c'd it. They also had a #3557 shortcut into their phone bank that they d/c'd about the same time.
I can't even use wellsfargo.com on my Moto Q - unsupported browser issues.
My bank (American Airlines Credit Union) killed it's mobile banking which I used. When I e-mailed them about it they said that only 1% of the members used the service. This was WAP service. In my opinion this is a bad way to go. I think PayPal inmplemented their mobile banking in better way by using text messaging instead of wap browsing. On Paypal to check balance all you do is send a text message with the word BAL to the number PAYPAL. You get an sms back showing you the balance. The same is implemented to send money (SEND $20 to 773NNNNNNN or joe@email.com ). You then get a phone call in 5 seconds asking you to enter your pin so there's no sweat about theft etc. This is the way to go. I SO much miss my mobile banking. As far as the plans go... Well...pick the right carrier... T-Mobile's unlimited web browsing on your phone is only $6 per month. If you think US plans are expensive then look at the rices in Europe. You'll stop whining. In Poland you pay about $10 per 1 mb of data, get only 100 min per month and 200 messages. What I get here for $60 on tmobile (1000 minutes + NW, 1000 messages bucket (sms/mms) + web) i'd pay the equivalent of $300.
KushCash lets you send/receive money through their wap or app interface. Simple, fast, cheap.
http://www.kushcash.com
I think if companies like VISA would implement a wireless chip allowing cellphones to be used as a typical, normal means of mobile transactions, then it would be used more widespread. but seeing a company put a chip in a phone to make wireless transactions, and having 1 out of 50 stores support it, will make it virtually useless.
There is a huge opportunity here for a software entrepreneur. Take what's good and bad about the mobile banking solutions, create software, and sell it to the banks. It is only a matter of time before mobile banking becomes popular, but how long will that be?