Bank of America introduces mobile banking service

Bank of America introduces mobile banking service

Bank of America has begun the roll-out of a wireless banking and brokerage service to private banking customers in the US.

The initial implementation will enable clients in Dallas and Fort Worth, Texas; Baltimore; and Washington, to use a variety of portable devices to conduct secure, real-time banking transactions and access financial markets and investment information.

Bank of America plans to roll out the service, developed in conjunction with 724 Solutions, to customers and clients in other US markets over the next 12 to 18 months.

According to IDC projections, approximately 40 million consumers will bank online by 2003. Jupiter Communications estimates that 102 million consumers in the United States will access the Internet through mobile devices by 2003.

"Private Bank clients increasingly are on the move, and we need to facilitate that mobility by providing more convenient and technologically advanced ways to access our products and services," says Kathleen Gibson, Bank of America Private Bank region president

The bank anticipates adding additional services, including brokerage trading through Banc of America Investment Services and electronic bill payment in future implementations.

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