Internet Banking Shift To Mobile Phones
Posted September 29th, 2009
and last modified May 6th, 2011
Internet banking with the help of mobile phone banking is big business in Australia and will only continue to grow more as more consumers take advantage of 3G mobiles. Gone are the days of long bank queues when we had to wait for 30 minutes to be served. Well, at least they will be when you switch to mobile phone banking.
Say hello to Internet banking with mobiles:
Warren Shaw, executive general manager of NAB retail banking said: “That (security) is one of the two major problems facing Internet banking. The other is accessibility. We are trying to tackle both.”
Mr Shaw says NAB customers are indemnified against fraudulent activity on their accounts, and the bank is sympathetic to honest customer complaints.
“It is pretty easy to tell if a transaction was fraudulent or not and we work on the assumption that our customers are honest. We don’t make it hard work to prove you have been robbed.”
NAB, Commonwealth Bank and Westpac all use two-step password systems to log on to Internet banking. This requires a first password being entered on the login screen and then the second one will be sent by sms to a mobile phone.
“It’s designed to add that extra layer of security. You can choose to set the account so it demands the second password if somebody tries to transfer more than, say, $300 out of your account. You can customise your own limits or turn it off altogether. It is up to you,” Shaw said.
Despite the popularity of Internet banking it is clear that mobile phone banking will ultimately overtake current consumer behaviour. NAB offers a revamped mobile phone banking service from October this year that will allow customers to log on and conduct transactions that they can already do online, including fund transfers and bill payments.
“Basically anything you can do on the website you will be able to do via your mobile phone,” Mr Shaw says.
“It has the same security and indemnity against fraudulent use. You can already log on with your phone and conduct transactions. It’s just not the greatest experience because the pages you view on your phone screen are designed to be seen on a computer.”
Westpac is in the process to target iPhone users in particular with its new mobile phone service to be launched this year.
At present most Australian banks target iPhone users because they are the most avid users of mobile banking.
- St George has a special iPhone service but will soon roll out its mobile service to be compatible with another five devices.
- CBA launched its mobile service four months ago and it is compatible with the iPhone and other 3G handsets.
- ANZ’s mobile banking service only allows customers with standard handsets to access basic banking services – checking account balances and their last 10 transactions.
Mobile phone banking gets funky bonuses:
Both St George and CBA have a handy GPS branch and ATM locator. By using Google Maps this tool enables customers to see where their nearest branch or ATM is.
Many banks currently grapple with ideas to enable customers to pay for goods in shops with their iPhones and other mobiles. Telstra and NAB have already piloted a three month scheme
that enabled customers to go to shops with the specialised payment technology and pay for small items, priced at less than $35, by scanning their mobile phone.
For more information on fees and costs associated with Internet banking and mobile phone banking visit the source below.
Source: News.com.au
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Comparison of our Top Credit Card Offers
| Interest Rate (p.a.) | Balance Transfer Rate (p.a.) | Annual Fee | Cash Advance Rate (p.a.) | |||
|---|---|---|---|---|---|---|
Bankwest Breeze MasterCard | A low interest rate on everyday purchases with a low balance transfer offer | 0% for 6 months (reverts to 10.99% ) | 4.99% for 9 months | $49 | 21.99% |   |
Citibank Clear Platinum Card | A low interest rate offer on balance transfers and purchases | 11.99% | 0% for 12 months with 3% handling fee | $99 | 21.74% | |
St.George Vertigo | An introductory offer on balance transfer and a low annual fee | 13.24% | 0.99% for 6 months | $55 | 21.49% | |
Virgin Flyer Credit Card | Earn 1 velocity point per $1 spent, plus an introductory offer on balance transfers | 20.99% | 1.9% for 12 months | $50 (for first year thereafter $99) | 20.99% | |
Westpac 55 Day Credit Card | No annul fee for the first year with a low rate on balance transfers and purchases | 0% for 5 months (reverts to 19.59% ) | 3.99% for 6 months | $0 annual fee for the first year ($30 thereafter) | 21.49% | |
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