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08/11/2010 / craigmartinallen

Mobile-Banking Apps

ARTICLE

http://www.practicalecommerce.com/articles/1813-Five-Nifty-Mobile-Banking-Apps-
APRIL 13, 2010 · BY BRENDAN GIBBONS

As mobile apps become more sophisticated, mobile banking is becoming a more convenient alternative to online banking. Some mobile banking apps simply replicate the tools available on their website, but others go further and offer functionality possible because of the device itself. Merchants should be aware of these mobile banking tools both for themselves and for their customers.

Bank of America
The iPhone app lets Bank of America users with at least one account pay bills, transfer funds and locate ATMs and banking centers. The app also has the ability for BofA customers to quickly access accounts and make transfers to avoid overdrafts or late fees.
Bank of America also added an interesting security feature that I have not seen replicated elsewhere—the sitekey. When you sign up for a mobile banking account, you choose an image and write a short phrase to go along with it. This becomes your sitekey, and you only enter your password if the app displays the correct sitekey. This is useful for combating phishing, when fraudsters lead users to pages that look like their mobile bank, and then trick them into revealing their information.

AT&T Mobile Banking
This app is useful for those who have accounts across multiple institutions. It’s useful for many of the same features as other mobile banking apps, such as account transfers, bill paying and transaction monitoring.

Chase Bank

PAY ANYONE FAST – With Chase Person-to-Person QuickPay(SM), you only need to know their e-mail address. Push Notifications – Now you can receive and customise. FREE Account Alerts that help you stay on top of your finances and monitor your account activity. CONTACT US – Talk to our service representatives; they’re just a touch away. FIND US – Locate your nearest Chase branch or ATM quickly and easily.

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