Verizon Wireless and Firehorn create mobile banking services

Rating: money in the palm of my hand

Verizon Wireless has teamed up with Qualcomm company Firehorn to make mobile banking a reality.

With Verizon Wireless’ mobile banking offering powered by Firethorn, customers can now access and manage their financial relationships while on-the-go for a seamless, real-time and secure user experience, including checking bank account balances, transferring funds between accounts within the same bank, and reviewing and paying bills for those bills already set up through the financial institution’s online account service.

The Firethorn application is secure and utilizes both PIN and device lock- out capabilities, which are in addition to the security that is already incorporated by the financial institution. As another layer of security, customers will need to register with their financial institution’s online banking service in order to use mobile banking.

What we think?
Whilst mobile banking services are important and necessary they remain a headache because of security issues. The way forward in the short term remains micro-transactions and “wallet” or SMS payment methods. This means you don’t use your private banking but add credit via the phone - less risky, if the phone is stolen.

But this application which is available on these devices: Verizon Wireless, including the Chocolate and enV by LG, LG VX8700, LG VX8600, LG VX9400, and the Samsung SCH-a950 – will be part of a Get It Now. The location of the application will be in the Verizon portal in the Get Going Tools section in the Go Virtual shopping isle. We like the fact that it will be online and free for anyone to download at will. But what we don’t like is that its saved in the business tools services.

Are mobile banking services business tools? Why create a new application and then tarnish it by narrowing the target market?

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