Mobile banking: a bridge to somewhere: catching on fast, easy to use and more secure than computer log-ins.

AuthorKenshalo, Rachel
PositionFINANCIAL SERVICES

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Lately, more of us are finding ourselves attached to our mobile devices. Cellular phones and PDAs evolved into mobile devices, which can do everything from start your car to instantly upload photos and video to the Web. What were once cumbersome and expensive brick-like devices that were notorious for having poor reception and limited service areas have now become ubiquitous. We use our phones to update our social networking sites and to help us choose the perfect restaurant for dinner. They can even act as GPS tracking devices. For many of us, our mobile devices are the first things we look at each morning and the last things we put down at night. It only makes sense that more and more of us are doing our banking via our phones as well.

TowerGroup, a financial services industry research and advisory services firm, predicted in 2009 that mobile banking usage would grow from its current approximate 10 million users to more than 53 million active users in 2013, despite a general downturn in the banking industry.

The firm reported that the economic downturn will actually fuel growth in mobile banking, as financial concerns prompt consumers to watch their money more closely. People are demanding real-time access to their financial information, and credit unions and banks are quickly picking up on this trend.

"The ubiquity of mobile devices, coupled with customers' cravings for information on the go, is creating the perfect opportunity for banks to extend the reach of their banking services using the most personal possession for consumers--the mobile phone," the May 2009 report states.

THE NEW WAVE OF CUSTOMERS

Here in Alaska, local financial institutions are capitalizing on the growing number of techno-savvy consumers and developing innovative products to assist in conducting business on-the-go. Alaska USA Federal Credit Union offers a product called Ultra-Branch Mobile, which provides instant account information via a special Web site, designed for viewing with a mobile browser. Customers simply point their mobile device to go.akusa.org, and after logging in, they can check account balances, monitor transactions, transfer money between accounts and pay bills. The service also comes with a locator to help customers find the nearest Alaska USA branch or ATM, and provides real time interest rate information.

Dan McCue, senior vice president of corporate administration at Alaska USA, says UltraBranch Mobile is the first...

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