Citibank just announced that they will be extending their online banking system to your mobile phone. The geniuses responsible for Citibank’s mobile technology have released the fumbling Citi Mobile service – which requires users to sign up for the service and download the software onto their phones.
By agreeing to clutter your cell phone’s precious storage space and use their proprietary software, Citibank promises to deliver 128-bit encryption strength access to your account. But the major downfall here, which seems to be the trend in the US, is the complete lack of any mobile payment system. The software offers no possibility for any mobile transactions, but at least you can view real-time account balances and activity.
The technical directors at Citibank, Visa, and Cingular must really think that software-based banking is the future. And, unfortunately, with all the big-hitters forcing software-based solutions on us, it is likely to be the future of mobile banking in the United States.
Expect to see this service rolling through California later this week and a mid-year rollout for the rest of Citibank’s customers.