Next generation of mobile phone banking
Lloyds TSB has become the first bank in the UK to offer a range of banking services allowing customers to monitor and manage their money on a mobile phone.
The new Lloyds TSB Mobile Services are unique in giving customers the ability to move money instantly between accounts through a Mobile Banking application and receive text messages about their finances.
Mobile Services allows customers to securely move money between their Lloyds TSB accounts on their mobile phone. They will also be able to view their account balances, check their last six transactions and receive a wide range of text alerts, to keep them up-to-date with their finances.
The new service will also include an Overseas Transaction Alert. Subscribers will receive an alert if their debit card is used to withdraw cash from a cashpoint or to make a purchase abroad. This alert is designed to give customers control and peace of mind in always knowing what is happening on their savings or current accounts.
Lloyds TSB has four million customers registered for its Internet Banking service and new research2 shows that nearly three quarters (74 per cent) of people use Internet Banking to keep track of their finances.
However, the research also reveals that two thirds (60 per cent) want to be able to keep tabs on their accounts using their mobile phone, while half (53 per cent) want to be able to actively move money between accounts. Over a third (36 per cent) say that being able to manage their money in this way would help them to keep a closer eye on their finances.
The research highlighted the growing trend for mobile phones to be used for a range of purposes other than phone calls. Eight out of ten (81 per cent) say they send or receive texts; more than half (57 per cent) use their phone as a camera; a third (36 per cent) use it as a diary; a quarter listen to the radio through their phones; and a fifth (19 per cent) access the Internet.