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08/11/2010 / craigmartinallen

The Future of Mobile Banking

ARTICLE

http://www.mybanktracker.com/bank-news/2010/11/04/photo-bill-pay-app-future-mobile-banking/
November 4th, 2010
When mobile banking apps first came on the scene, banks raced to add features that would differentiate themselves and prove their tech-superiority. Now, banks will have the opportunity to provide customers even more cutting-edge convenience through mobile banking.
New Way to Pay Bills
With the growing popularity of using smartphones to bank, banks are looking for ways to provide a larger variety of services through mobile apps. Until recently, phones were basically limited to allowing customers the ability to check their balances, make transfers and locate bank branches near them. Mobile banking provided a portable alternative to in-branch banking but didn’t do much to improve a customer’s banking experience.
Mobile Photo Bill Pay
• Technology takes key data from the bill, i.e. the date due, address, account number and total due and sends it to the bank’s bill-processing system.
• The app is designed to be template-free, meaning it would be compatible with a variety of bill formats allowing users additional flexibility while using it.
• After the bill is photographed the first time, the payee’s information will automatically be saved in the applications vendor list.

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