Banking on your mobile
27 September 2005
O2 will provide i-mode, a service originating from Japan that offers a content-rich, high speed experience similar to being online, and currently has 55 million users worldwide.
Egg will be the first UK bank to use i-mode to provide its customers with internet banking on their mobile phones, a service already used by one million people in Japan.
Andy Thompson, director of propositions at Egg, said: "Our Egg Money research reveals that customers do not know at any given time what they have available to spend and over half are keen to embrace mobile internet banking as a method of managing their money.
"Our service on i-mode is the start of a revolution in how customers interact with their finances, providing them with immediate, convenient and fast access to their money wherever they are."
From October 1st customers will be able to access information, account balances, and transaction details from their Egg card, Egg Money and Egg Savings accounts. All transactions will be covered by Egg's online guarantee.
According to Ofcom's communications market report 2005, there are 61 million mobile phone users in the UK alone, and as technology becomes more sophisticated, phones are being used for entertainment and personal organisation as well as communication.
If the feedback Egg receives from customers testing the i-mode service is positive, other banks may feel pressure to expand their services in the mobile phone domain.
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