Fleet announced today that it has put the bank into the hands of its customers by providing wireless banking and bill paying capabilities to online customers who use Palm(TM) and Palm-compatible handheld devices with Palm.Net(TM) or OmniSky(TM) wireless service. The announcement makes Fleet the first major commercial bank in its Northeast service area to offer wireless access to linked banking, credit and brokerage accounts, as well as the ability to pay bills.
Customers of Fleet HomeLink(SM) online banking can now use a Palm-compatible personal digital assistant to view real-time banking balances, credit and Quick & Reilly investment account balances and details, including the last 10 transactions; schedule transfer of funds; pay bills to existing HomeLink payees, review and delete scheduled bill payments and transfers; and receive HomeLink alert messages. Wireless access to HomeLink is available through www.fleet.com.
Fleet unveiled details of its wireless capabilities during the MIT Sloan eBusiness Awards held recently in Boston to recognize the nation's most innovative eBusiness solutions providers of the year. The launch of wireless HomeLink is the latest in a series of Fleet's eCatalyst initiatives focused on using state-of-the-art technology to enhance the online customer experience at Fleet.
With 1.4 million HomeLink customers, Fleet has the highest penetration (36 percent) of online banking customers of any bank in the nation, as a percentage of its bank card customer base. Fleet expects to further expand the number of HomeLink users by making it more accessible and convenient through wireless access.
"We are delivering on a promise to turn wireless Web devices into `portable' banks for our customers," said Robert B. Hedges, Jr., managing director of Retail Distribution for Fleet. "Initial response from HomeLink users desiring wireless access surpassed our own expectations, and reflects growing consumer usage of mobile devices and the widespread appeal of HomeLink for managing personal finances. We are focused on adding new functionality and expanding accessibility to our entire banking network so that Fleet customers can better manage their financial lives - any where, any time."
Wireless access to the Internet is growing exponentially and the adoption rate of wireless devices is expected to be faster than even that of the Internet. Juniper Communication Inc. estimates that 102 million consumers in the United States will access the Internet through mobile devices by 2003. Additionally, International Data Corporation (IDC) projections suggest that approximately 40 million consumers will bank online by 2003. According to a recent survey reported by the American Bankers Association, a majority of consumers in North America (55 percent) said they already have used a wireless device; 14.5 percent said they have completed a financial transaction over a wireless device.
"The introduction of wireless access to HomeLink marks an important milestone in our efforts to make banking on-the-go a reality for our customers," said James J. Goodwin, director of Online Financial Services at Fleet. "With the convenience of wireless access, customers will be able to conveniently and securely access their account information and our products and services anywhere, anytime from the palm of their hand."
PC and wireless access to HomeLink is free to all Fleet checking account customers, and enables them to view account history on Fleet checking, savings, Cash Reserve, Money Market, credit card, CD, IRA and credit lines, including home equity lines, as well as mortgage accounts. Customers also can make immediate, future-dated, or ongoing fixed-amount transfers to any accounts linked to a Fleet card for HomeLink access.
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