This year ANZ and NAB came out with Mobile banking features. NAB allows its customers to check their account balances and the last few transactions (all from their mobile). ANZ goes a step further - I actually viewed a demo of their M-Banking features and it is quite impressive - you can transfer funds, check balances, receive account alerts, pay anyone etc…It is almost as good as the banking you do from your desktop.

I have not heard anything from the other banks about their Mobile banking offers. But I am sure we will hear from them very soon.

Here are some of the benefits mobile banking can offer, benefits that banking from your desktop (the traditional internet banking) cannot offer :

1. Use of mobile phone around the world is far more widespread than use of computer - especially in country areas / villages. So more people can access this banking method.

2. Makes no-touch payments possible - Your credit card is inserted in the mobile. So you can actually make your payments by just waving the phone. Apparently the local banks are already working on this. There will definitely be some security concerns with this feature (what if your phone gets stolen - we lose our phones more often than we lose our credit cards). So I can’t really comment much more on this until the product is released.

3. Mobile banking is widespread in Europe and Japan. People there love the convenience of this banking. I can relate to that - imagine if I could do all my banking and bill payments while I am waiting in the car for my daughter (waiting for my daughter to finish her outside school activities - like swimming).

4. Apparently one other huge feature is the ‘mobile marketing’. Companies can send you coupons via text message and you can redeem them through your phone. Sounds very impressive - no more cutting the coupons or worse still no more missing out on the coupons.

None of the account numbers will be stored on the phone. You will need a password to access the banking features. Plus all data sent across the networks will be encrypted. However there will still some security concerns in the minds of consumers - But I am sure the merchants will do their best to alleviate these fears.

I for one, look forward to hearing more and finding out more about this new wave of banking…

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