J P Morgan has commissioned mobile Internet specialist Mobilocity to develop and implement a wireless strategy for the bank on a global scale.
Under its agreement with J P Morgan, Mobilocity will formulate a high-level business plan for mobile initiatives within the firm, conduct an assessment of mobile technologies for the bank, and develop and host m-business seminars for senior business and technical staff.
Morgan has already initiated development of a number of mobile business platforms. In May, the bank announced the creation of SynDirect Wireless, a wireless communication platform for bond issuers and investors. The system is designed to enable primary market issuers to track investors' interest for pending debt issues. Investors may check current pricing and express interest for bonds remotely — using a Palm VII in the United States, or a WAP cellular telephone in Europe and Asia.
Omar Javaid, chief executive officer of Mobilocity comments: "While many banks and brokerages have made initial forays onto the mobile Internet, the real challenge lies in conceiving and rolling out differentiated offerings that will retain existing clients and attract new ones."
Mobilocity used the occasion of the Morgan announcement to formally launch its Mobile Financial Services Practice, designed to pioneer m-business strategies and applications in the areas of banking, brokerage and insurance.