History of Mobile Banking
Mobile banking customers now enjoy a more user-friendly service compared with the service's beginnings in the early 2000s. The decade has been a time of trial and error, as financial institutions struggle to meet consumer preferences for mobile banking features.
Other People Are Reading
-
Early 2000s
-
Banks faced mobile banking challenges in the early part of the decade. Consumers found it difficult to view their financial information on the small cell phone screens that were common at the time. Some banks offered the service, only to soon discontinue it; in 2002, Wells Fargo developed a mobile banking service and only 2,500 customers enrolled in it. Because of the poor response, they soon withdrew the offering.
Mid-2000s
-
As the size and capabilities of mobile devices increased, so did the effectiveness of mobile banking. Banks introduced services that accommodated more types of cell phones and mobile devices, including smart phones. Consumers preferred the easier navigation and improved images and graphics offered by updated, technologically advanced mobile services.
-
2008 and Beyond
-
In 2008, smaller banks began to offer mobile banking. More customers of large banks were also using the service. As of February 2009, over 1.9 million customers were using Bank of America's mobile service in the U.S. Other industry players also entered the market; AT&T offers a mobile banking application that allows customers from different banks, with different types of mobile devices, to more easily conduct transactions.
-
References
- Photo Credit cell phone image by Alexey Klementiev from Fotolia.com
