Firms cash in on mobile banking

The mobile banking space continued to heat up as three financial institutions rolled out services for on-the-go customers.
Wells Fargo & Company is targeting business customers with CEO Mobile, which delivers key treasury reports through a secure wireless Internet connection. The company plans to add services including wire approvals this year.
“With each new step, we’ll gather customer feedback and refine our interface to ensure it’s usable, streamlined and simple,” said Wells Fargo executive Megan Minich.
Meanwhile, New Jersey-based Commerce Bancorp touted a proprietary, Web-based banking platform for smartphone and iPhone users. The technology is designed to deliver stock trackers, account numbers, world news and other financial-related information, and is provided through Commerce subsidiary eMoney Advisor.
Finally, mobile banking company Clairmail Inc. made public its first deal with a bank, announcing that California-based Bank of Stockton will use the company’s platform. Clairmail’s system relies on text messaging to make mobile banking transactions available to the broadest possible swath of users.
Clairmail has taken a different approach than other vendors such as Firethorn Holding L.L.C., which offers a downloadable application. Instead, Clairmail emphasizes the two-way communication opportunities that text messaging offers, as well as the fact that it can be used with virtually every handset regardless of carrier.
“We believe there will be multiple flavors (of mobile banking options) out in the market,” said David Thompson, VP of marketing for Clairmail. He added that the company also “believes really strongly that for this to really take off . you really have to make it available to a lot of people so you can start to get the uptake and people are going to get used to it, and a viral effect is going to take place.”
Wells Fargo & Company, Commerce Bancorp and Bank of Stockton are not alone; a host of other banks and credit card companies have launched mobile services in recent weeks, hoping to lure customers by allowing them to transfer funds and make payments over the phone.