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Banks Turn Phone Into New Automated Teller

Banking via mobile device grew by 2.7M users in 2008

By Clay Dillow,  Newser Staff

Posted Feb 3, 2009 11:54 AM CST

(Newser) – Customers worried about pinching pennies have more ways than ever to manage their finances through mobile devices, the Wall Street Journal reports. In 2008, 3.1 million people used mobile banking services, up from 400,000 in ‘07—and that number is expected to reach 7 million this year as the number of banks offering mobile services jumps from 245 to 614.

“This generation expects services on their mobile phones, including banking, and it could determine where they bank,” one analyst said. Applications for the iPhone and BlackBerry make mobile banking easier, while banks like Chase allow customers to check balances via text message on any cell phone. Citibank is even testing a service that will allow mobile devices to replace credit cards as a method of payment.

Customers can stay connected to their financial information while away from home with Verizon Wireless' Mobile Banking application, pictured on the BlackBerry 8830 World Edition.
Customers can stay connected to their financial information while away from home with Verizon Wireless' Mobile Banking application, pictured on the BlackBerry 8830 World Edition.   (PRNewsFoto/Verizon Wireless)
A shopper participating in a pilot program transfers money between his bank accounts using the new Wells Fargo Mobile banking solution on a mobile device, Wednesday, July 18, 2007.
A shopper participating in a pilot program transfers money between his bank accounts using the new Wells Fargo Mobile banking solution on a mobile device, Wednesday, July 18, 2007.   (Photo for Wells Fargo by Court Mast)
Mobile devices with applications like the iPhone and several Blackberry models allow users to bank, make reservations, search for products and pay all from their mobile devices.
Mobile devices with applications like the iPhone and several Blackberry models allow users to bank, make reservations, search for products and pay all from their mobile devices.   (PRNewsFoto/hotels.com)
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