Delivering on the promise to turn wireless devices into "portable banks" for its customers and clients, Bank of America, the nation's largest bank, in conjunction with 724 Solutions Inc., a leading software developer for financial-services providers, today launched its first wireless banking and brokerage offering in the United States.
The initial implementation will enable Bank of America Private Bank clients in Dallas and Fort Worth, Texas; Baltimore; and Washington, D.C., to use a variety of wireless devices to conduct secure, real-time banking transactions and access financial markets and investment information.
Bank of America plans to roll out its wireless service to customers and clients in other U.S. markets over the next 12 to 18 months.
"This rollout of the Bank of America wireless offering marks a major milestone in our efforts to make banking on the go a reality for our customers and clients across the nation," said James D. Dixon, bankofamerica.com executive.
"Together with 724 Solutions, we are creating a new standard in wireless financial services by making it possible for customers to enjoy the convenience of accessing our products and services anywhere, anytime -- from the palm of their hand."
Bank of America, the nation's leading online bank, with 2.4 million online customers, and the largest Private Bank in the United States, with more than $130 billion in assets under management, initiated its wireless offering in response to the anticipated growth in online banking and the rising interest among consumers for instant access to personal, time-sensitive information and transactions via non-PC devices.
According to International Data Corp. (IDC) projections, approximately 40 million consumers will bank online by 2003. Jupiter Communications Inc. estimates that 102 million consumers in the United States will access the Internet through mobile devices by 2003.
"Private Bank clients increasingly are on the move, and we need to facilitate that mobility by providing more convenient and technologically advanced ways to access our products and services," said Kathleen Gibson, Bank of America Private Bank region president.
"Our wireless strategy is focused squarely on the customer --creating added value that will help us broaden and deepen client relationships with the right combination of high-tech and high-touch."
"By kicking off the initial phase of its innovative wireless offering, Bank of America is delivering to its customers the next level of online financial services in the United States," said Greg Wolfond, chief executive officer, 724 Solutions.
"Starting today, Bank of America customers will have the freedom to choose where, when and how they want to access their financial information -- along with the added assurance that their wireless banking transactions are securely backed by their trusted financial institution."
Powered by the 724 Solutions Financial Services Platform (FSP), the Bank of America wireless service will make it easy for clients to conduct a variety of secure, up-to-the-minute banking transactions and access financial markets and investment information with just a few keystrokes on a range of mobile phones and Palm(TM) handheld computers:
-- Banking: View account balances and transaction histories for Bank of America checking, savings and credit-card accounts, and transfer funds between deposit accounts;
-- Brokerage: View balances and positions for Banc of America Investment Services Inc., discount brokerage accounts and
Money Manager accounts;
-- Lifestyle: Check stock quotes and news headlines, and create and maintain stock-watch lists.
Bank of America wireless financial services will be delivered through several wireless carriers, including AT&T Wireless Services, Sprint PCS and Verizon Wireless. Devices include the Palm Vx handheld with OmniSky Modem, and the Motorola StarTac, Motorola Timeport, NeoPoint 1000 and Mitsubishi t250 phones.
Bank of America announced its strategic alliance with 724 Solutions last summer and has been working closely with the company to develop the internal infrastructure necessary to support wireless banking and brokerage via a host of wireless devices.
Bank of America anticipates adding additional wireless services, including brokerage trading through Banc of America Investment Services and electronic bill payment, in future implementations.
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