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In-car telematics to give new meaning to mobile banking

23 August 2001  |  2971 views  |  0 In-car telematics to give new meaning to mobile banking

In just two years, millions of Americans could be trading stocks and doing their banking while driving, a new report from Meridien Research predicts.

"The automobile is being transformed into the next mobile portal," analyst Christine Barry writes in a research report which takes an in-depth look at the impact of "telematics" in financial services.

Combining wireless, GPS and voice-recognition technology, telematics will be installed in 9 million vehicles by 2003, Meridien forecasts. And, since telematics are voice-activated and hands-free, they aren't affected by new laws restricting cell-phone use while driving.

Initially developed to provide driver assistance and emergency service, telematics is already used in financial services. Through a partnership between Fidelity Investments and OnStar, a General Motors subsidiary, owners of certain GM cars can now place trades, get balances and receive stock quotes through the push of a button and a few verbal commands.

"Financial institutions have much to gain by partnering with telematics providers," Barry says.

Institutions that don't follow Fidelity's lead ultimately could find themselves at a competitive disadvantage serving Americans, who average 540 hours a year in their cars.

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