Convenience, for banking customers, used to mean being able to make a phone call for your balance. About 15 years ago, it evolved to mean the ability to check your accounts on your home computer, 24 hours a day.
Today, banking convenience has moved even farther up the continuum of “right here, right now.” Mobile banking, the blanket term for conducting bank inquiries and transactions by mobile phone, enables customers to monitor their money while watching TV, traveling, dining, watching a ball game, or even sitting in the hot tub.
“Mobile banking has really redefined this notion of convenience,” says Jinee Ellis, vice president of mobile banking for Wells-Fargo, one of the first banks to introduce mobile banking in 2002. “When customers think of something, such as ‘Did that check clear?’ or ‘Did I make that payment?’ they’re able to take care of that item right away and essentially do away with their to-do list, which is a lot easier than having to make a mental note.
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