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Mobile-banking service in the offing.

Taipei, June 3, 2010 (CENS) -- In view of the growing prevalence of smart phones on the island, a number of domestic banks are gearing up to make major inroads into the emerging market of mobile banking.

Chinatrust Bank, for instance, announced yesterday (June 2) a plan to roll out, one step ahead of peers, a number of mobile-banking services on the two platforms of iPhone and Google Android in July, including individual account information, money transfer, fee payment, conversion from demand to time deposits, and preferential treatment offered by contract stores.

Three other banks are also preparing to enter the market, including Cathay United Bank, Taishin Bank, and E.Sun Bank, which target to provide personal account services to customers via mobile banking and have entrusted information system firms to develop related software, also on the platforms of either Apple iPhone or Google Android. Such services will usher in the new era of personal banking service anytime, anywhere.

At a press conference yesterday, Michael B. DeNoma, president of China Trust Bank, noted that the bank aims to become the leader in the domestic mobile-banking market.

A study carried out by China Trust earlier this year shows that there are already 220,000 iPhone users in Taiwan now, which may top 1 million by the end of the year. On top of that, there are also a significant amount of users of Google Android-based smart phones, such as HTC phones, and other brands.

Shan Jui-chaing, China Trust's CEO for consumer banking, pointed out that mobile banking will become a mainstream banking service, which is especially appealing to wealth-management customers and tech enthusiasts.

Hsiao Chung-chien, vice president of China Trust, reported that following the rollout of several mobile-banking services in July, the bank plans to launch such services as placement of subscription orders for mutual funds, payment of utility fees, and online loan application by year end.

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Author:Liu, Philip
Publication:The Taiwan Economic News
Article Type:Brief article
Geographic Code:9TAIW
Date:Jun 3, 2010
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