Mobile Banking Updates - Jun 5

Huntington Closer to Mobile Update


Checking getting more expensive at Bank of America
"Bank of America says its fee increase reflects the greater services it is providing, such as spending alerts and mobile banking. But the move is also in line with the industry's pullback on free checking. The availability of free checking accounts with no strings attached shrank last year for the first time since 2003. Only 65 percent of checking accounts were free, down from 76 percent in 2009, according to Bankrate.com."

Study: Mobile Banking Not Just for the Affluent
"Mobile banking users are not necessarily more affluent than nonmobile bankers, according to Boston-based research firm Aite Group, and credit unions should invest in debit cards, prepaid cards and merchant-funded awards to attract new members."

Branch-Building Spree Is Customer-Driven, JPMorgan Chase's Scharf Says
"With mobile banking, JPMorgan Chase & Co. is making it easier for customers to avoid visiting branches. Then why is the New York banking giant opening so many new ones while other banks are closing theirs? Rivals and branch consultants have been pondering the question since JPMorgan Chase said in February that it plans to open 1,500 to 2,000 branches over the next five years, mostly in California and Florida."

Chase Mobile to Launch in 2007

If you've had the chance to read my post titled "Mobile Banking Deployments at the Top-10 U.S. Banks" you know that I'm keeping a close eye on the solutions launched by the countries largest banks. So, it should come as no surprise that I get a little excited when I hear news about Chase (the only bank in the top 5 that's still uncommitted).

Here's the scoop -

This quote was taken verbatim from a recent email distributed by JP Morgan Chase.
"You are receiving this message because you previously accepted our Online Services Agreement and Paperless Statements e-Sign Disclosure. As a result of recent updates to our paperless enrollment process and the upcoming addition of our new Chase Mobile service, we have updated the terms and conditions for both services. We revised the section on Alerts to include terms for the Chase Mobile service we're launching this year (stay tuned - we'll be back in touch when it's available). These revisions let you know that: Chase won't charge any fees for Chase Mobile, but that you are responsible for standard text messaging or other fees from your phone company; we won't send marketing messages through the Chase Mobile service; and Chase Mobile is only available to customers who have a consumer deposit or credit card account with us."

What is Chase Bank Up To?

I was recently at an Indianapolis Indians baseball game and was talking to a good friend of mine about the growth of mobile banking. He, being a mobile junky, said I wish Chase Bank had a mobile banking service.

Then, literally the next day, I read a post by Eric Mattson on the Mobile Banking & Money blog that discussed how 4 of the top 5 banks in the country have already rolled-out or announced their plans for the mobile banking channel.

Which got me thinking - what is Chase up to?

After all, we're talking about the bank that implemented mobile alerts quite awhile ago, and has the highest rated website in the county. I'm not going to believe for a minute that they are sitting this one out. Nor do I believe that they are behind and haven't considered it. So what does all this mean? I'm not sure.

On the one hand, if they were enlisting the help of a vendor I'd expect that we would have already seen a press release. Vendors love touting their recent conquests and landing the 3rd largest FI in the country is no small feat. On the flip side maybe they are taking a page from the Steve Jobs book of marketing and have the plans locked down. Either way - keep your eyes and ears open. I am expecting to hear something soon.