This story comes to us from Allissa Kline of Buffalo Business First:
First Niagara Bank is going mobile.
The Buffalo-based bank is weeks away from the launch of its first mobile banking product. Bank officials say the free service, to be released in midwinter, is a response to customer demands.
“We really listened to our customers,” said Jay Clark, director of retail planning. “They said, ‘We want to be able to bank when we want, how we want and we want to be able to have that additional self-service capability.’ They’re saying, ‘I want that mobility.’ ”
First Niagara’s mobile service is the latest offering in banking technology in Western New York. And it’s just the start of what may be on the horizon as technology continues to change the way people bank.
Mobile-banking users are expected to triple by 2016, according to research by Aite Group. The same report shows that more than one-third of smartphone owners use their phones to check account balances. Meanwhile, one in seven tablet owners receives alerts, transfers funds or pays bills with the device.
“Aite Group anticipates that mobile banking users in the United States will triple between 2012 and 2016,” said Ron Shevlin, senior analyst with Aite Group and author of the report, in a statement. “Tablets will become financial management devices and smartphones will become financial transaction devices. Financial institutions should invest accordingly.”
That’s just what M&T Bank plans to do. The largest bank in Buffalo, M&T introduced basic mobile banking in August 2010.
Today, 57 percent of the bank’s active Web-banking customers use mobile banking or receive texts from the bank, said Michael Shryne, senior vice president and manager of alternative banking. The bank periodically releases new mobile banking features and upgrades, most recently unveiling 12 customizable alerts.
Click here to read more [subscription based]