Information Technology, Inc. (ITI), a business unit of Fiserv, Inc. (NASDAQ: FISV), a leading provider of information technology services to the financial industry, has announced the launch of Premier Mobile Banking, an integrated mobile banking solution that gives customers the convenience of managing their accounts anytime and anywhere.
Operating on a browser embedded in handheld devices, the product is both carrier-independent and compatible with any web-enabled device. Banking customers are able to check account balances, view recent transactions, receive alerts and transfer funds between accounts in real time with their cell phone or PDA.
With these mobile devices in almost every hand in America, consumer demand for banking services using cell phones and PDAs is rapidly increasing. This newest form of self-service banking is intended to give financial institutions a competitive advantage, helping them acquire and retain customers, and especially the younger consumers who lead the market in demand for mobile services.
United Bank of Michigan, Grand Rapids, Mich., with assets of $421 million, implemented the Fiserv ITI mobile banking solution in October 2007. "United Bank of Michigan strives to be a technology leader within the community bank market," says Tim Lockwood, senior vice president and chief information officer, United Bank of Michigan.
According to Lockwood, the bank's decision to offer mobile banking was based on strategic considerations and competition. Other major national banks in their market were about to release similar services.
The response from United Bank of Michigan customers and employees has been encouraging. While customer demand prior to implementation was limited, Lockwood says that mobile banking activity has built significantly in recent weeks, and virtually every new customer now chooses this service.
"Cellular technology is quickly evolving and the demand for mobile banking will grow rapidly in the next several years," says Lockwood. "Mobile banking has provided customers with another access channel and an added level of convenience."
Premier Mobile Banking's additional selling points include simplified menu navigation, comprehensive security and a consistent view of accounts, whether accessed from a PC or mobile device. The application can be private-labeled by Fiserv core banking business units to sell into their Internet banking client bases, and is currently being implemented by both Fiserv ITI and Fiserv VISION.
"This technology was specifically developed for our community bank clients to help them expand their offerings and compete effectively against even their largest competitors, and more than two dozen have already licensed this innovative product," says Tom Cypher, ITI president and chief executive officer. "About 83 percent of Americans now subscribe to a cellular phone service, and Fiserv ITI intends to deliver even more opportunity and value to financial institutions by capitalizing on this important service channel." ITI offers mobile banking services to clients using either Premier or PCS Vision, the company's two popular core product suites.