Cleveland-based KeyBank has signed with Fiserv Inc. for its Mobile Money platform. The bank, which has $98 billion in assets, has chosen Mobile Money to support the bank's strategic growth plans for the mobile channel.
According to a news release from Fiserv, the bank plans to use the mobile platform to deliver a full range of customer-focused mobile solutions that complement and integrate the bank's other services and infrastructures.
Allison Landers, senior vice president of virtual banking for KeyBank, says KeyBank expects to get ahead of the mobile curve:
 | KeyBank's challenge was to satisfy our near-term desire to offer customers mobile access and alerting, while putting in place a proven platform we could leverage into the future as we expand mobile banking and payment services for our customers. … Mobile Money from Fiserv will enable KeyBank to reach the mobile devices of both our online and offline customers across all bank business lines, with the potential to reach our return-on-investment targets faster than other approaches we considered. |  |
Mobile Money provides KeyBank with triple-play technology that enables consumers to access their accounts using any of the three primary mobile access modes: a downloaded application, a mobile browser or SMS (text messaging). The text-messaging capabilities are provided by VeriSign Messaging and Mobile Media, which delivered more than 224 billion mobile messages through its networks in 2008.
Gartner, in its "How to Get Started with an Enterprise Mobile Retail Financial Services Approach" report, suggests banks and credit unions that work with vendors that deliver enterprise-channel solutions are more likely to effectively manage long-term costs associated with the mobile channel, while maximizing channel adoption and usage across all customer segments.
Industry consultancy Aite Group LLC recently ranked M-Com, the technology partner underlying Mobile Money, as a top mobile provider of "triple play" technologies.
