Standard Bank has introduced Internet banking for cellphones.
Standard Bank`s cellphone banking offering is "designed to take advantage of the latest developments in modern cellphones and their ability to access the Internet".
Head of cellphone banking, Anthony Abbot, says this equates to a mobile ATM. "We`ve basically designed the new cellphone banking offering to have the same look and feel as our ATM machines, which new developments in cellphones, such as phone browsers, GPRS and 3G, allow us to do."
Among the benefits listed by the bank are high levels of security, as the system uses world standard Internet security, while avoiding the dangers of shared computer systems. The bank says no sensitive information is stored on customers` phones.
The bank also claims the offering is cost-effective, as there are no monthly charges, standard electronic payment costs, and extremely low cellular network costs. "This facilitates an easy transition and incentive for clients who wanted to bank by phone previously, but were limited by the technology and the high airtime costs of previous offerings," Abbot says.
In addition, provided the customer has a phone that allows for international roaming, the service can be used from anywhere in the world.
The connectivity is not "dial-up" but is a direct Internet connection, says the bank. "Customers will be billed for what they use, not how long they use it for. As a result, even complex transactions on our new system will cost a few cents at most on your cellphone bill," Abbot notes.
He believes the enhancements in cellphone functionality, as well as customer confidence and familiarity with these personal instruments, are incentives for more and more customers to bank by phone.
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