Citibank has become the latest US bank to offer banking on
so-called smartphones (see RBI 616). Citi is expanding its
mobile offering to most BlackBerry smartphones, Palm devices and
Apple’s iPhone. According to the bank, US consumers are switching
to smartphones at a “rapid pace”, accounting for 22 percent of all
devices acquired in the past six months, increasing market
penetration in the US to 16 percent.
The new Citi Mobile allows users to, among
other things: view Citi account balances and account activity; pay
bills and set up recurring payments; make transfers between Citi
accounts; locate Citi branches and ATMs; and connect to Customer
Service.
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Rival Bank of America, which has the most
successful m-banking service in the US with 3 million mobile
banking customers in total, says the majority of its browser-based
m-banking subscribers are smartphone users. It adds that almost all
use the service to view account balances, 8 in 10 review
transactions, and 4 in 10 transfer funds or pay bills (see RBI
608).
Recent research from Compass Intelligence
found that smartphone and mobile banking adoption is closely
correlated. In the US, it said, 20.5 percent of smartphone users
utilise mobile banking compared to 2.7 percent of consumers with
regular mobile phones.
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