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As mobile devices become an increasingly indispensable tool of 21st century communication, consumers will expect their financial institutions to provide mobile banking as part of any standard services package. Some financial institutions are already adopting business models and technologies to serve the growing demand for mobile services, positioning their institutions for competitive advantage. Industry analyst forecasts that eight of the top ten banks in the United States will soon offer mobile banking and mobile bill payment and that within five years, a quarter of today's online banking customers will bank by mobile phone. This white paper addresses the application of SMS messaging to the banking industry, and suggests how financial institutions can leverage multimodal messaging architecture to gain a competitive advantage. |
