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"Going Mobile. Local executive carves niche as national expert on fast-growing banking-industry technology trend" - Scott Olson, Indianapolis Business Journal (IBJ)

"Brandon McGee, the industry's unofficial ambassador for mobile banking" 

Monday, December 17, 2007

Mobile Banking Short Codes

Last week there were a number of newsworthy mobile banking events. I've included links to the majority of them below, but I wanted to take a moment to focus on one in particular.

Bruce Meyerson published an article in Business Week titled Why Wireless isn't Wide Open.

In short Mr. Meyerson says, "Even as the wireless industry chants a new gospel about opening mobile-phone networks to outside devices and applications, some of the biggest U.S. carriers are quietly blocking new services that would compete with their own."

The reason why I'm highlighting this article is because it's troubling on multiple levels:

1) It's concerning to think that a solution where the carriers already have a financial motivator (i.e. earning revenue per SMS) that short codes would be delayed.

2) That a large number of clients could be excluded from utilizing a mobile banking solution simply because the short code had not yet been approved.

3) Even a vendor with an existing relationship can not sail through the approval process.

If you're thinking about offering SMS banking without the assistance of a vendor I'd reconsider, and if you think you're going to design a solution that will circumvent the carriers - I'd think again.

Other Newsworthy Events:
Bank of America has a new iPhone GUI
Fundamo enters US
Clairmail Wins Red Herring 100
NACHA Announces Mobile Banking Initiative
Fidelity Adopts mFoundry Solution
Guardian Analytic Introduces FraudMAP

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