Meanwhile, Cherry Hill, N.J.-based Commerce Bank ($47 billion in assets) introduced mobile banking for its wealth management clients. The bank's proprietary, Web-based private banking platform, Virtual Private Bank, now can be accessed by PDAs with Internet browsers. The mobile offering gives private banking clients access to an up-to-date financial picture of all their assets as well as other information, such as stock trackers, according to Commerce. A seven-digit PIN and 128-bit SSL security is used to access the service.
Virtual Private Bank is provided through eMoney Advisor (Conshohocken, Pa.), a wholly owned subsidiary of Commerce Bank and a provider of wealth planning solutions. According to Edmond Walters, CEO and founder of eMoney, the mobile offering was a another way for Commerce to enhance service for an important customer segment.
The service is not transactional for the simple reason that there isn't customer demand for transactional capabilities on handhelds, claims Walters. "Customers don't want to transact business over a PDA," he contends, noting that they want immediate, convenient access to their personal information.
According to research by Aite Group (Boston), 90 percent of the top 100 banks said customer convenience was the top driver in their mobile deployments.
Although the basic principles behind commercial and private mobile banking are the same as retail mobile initiatives, there are differences, says Celent's Schatt, such as increased transaction volume and value, cross-border financial needs and more-complex financial relationships.
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