June 11, 2007


  • Great information and the right content for a dialog about the future of member interaction. I think mobile banking will be the next homebanking sooner than we think.
    Craig McLaughlin
  • Yeah, I think this is particularly relevant now for gen-y, on-the-go people (business travelers, etc), and anyone who already has a data plan with their carrier (especially blackberry and treo owners).

    A couple of the major banks have deals to deploy software into new devices via the wireless carriers in the near future. In December, I blogged about the potential for a credit union consortium to do a collaborative deal for all credit unions with wireless carriers (read here). Hasn''t happened to my knowledge...everyone is still deploying on their own. However, I''m not convinced this is going to amount to much of a threat...so long as credit unions can offer a viable alternative early enough. In other words, if members who care about mobile banking are introduced to these services by their credit union first (ideally on their current device) then I think the response to embedded Wachovia software on their new device will be "Ok. But I can already do this with my existing credit union." Something to watch closely though. Especially, how easy will Wachovia make it to open and fund an new account through the device?

    Text messaging is a very interesting service. A couple credit unions already offer this way of communicating when a member has questions. Very convenient for those members who prefer texting...a number growing everyday.
    Scott Patterson
  • According to the generational marketing gurus, the "Millennials" love their mobile phones. Text message marketing and mobile banking is where it''s at. Wachovia thinks so too. They just inked a deal to have their mobil banking software on all new AT&T cell phones.
    Bryan Lewis