"Banks and cellphone companies have a long way to go to persuade U.S. consumers to use their cellphones for banking, as many worry about security and extra fees and others are not even aware they can. In a survey of about 500 U.S. consumers, accounting firm KPMG found that only about 9 percent had tried mobile banking. In comparison, about 76 percent "consistently use" online banking services on computers."
Financial services should invest in mobile banking, says Arthur D. Little
"Arthur D. Little is a management consulting firm that works primarily with Fortune 500 companies. According to a report report released today by the company, mobile banking is an area that financial services worldwide should be investing in. Citing the growing maturity of the mobile Internet, and the need for more advanced services than just SMS for mobile banking, Arthur D. Little says that the area is a promising revenue stream."
Prepaid Account Offers Mobile Banking Service to Immigrants
"Denarii Payments Inc. of Atlanta has developed a mobile phone-linked prepaid product called SizzleMoney that is initially targeting Hispanic immigrants. People can use the product to send one another money by text message, access funds in their SizzleMoney accounts with a prepaid debit card and make purchases at the point of sale with their phones. 'It's basically mobile cash,' said Donald Baggett, Denarii's founder and chief executive officer."
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