M-Com: Mobile Banking Done Right

McomLogoSMM-Com is a New Zealand-based technology company that boasts in “building and deploying the world’s best mobile banking and mobile payment solutions.” And by all accounts, they’ve succeeded. Taking a look at their featured deployment for ANZ bank in New Zealand, the feature set looks head and shoulders above anything else on the market.

Balances_12For starters, the interface is seductively elegant and seamless but still packed with features. At a high level, users have the standard features of viewing balances and making transfers between their accounts. But then it quickly gets interesting. Users can make mobile payments to anyone with a New Zealand bank account. The catch is that you have to know a series of numbers associated with the recipient’s bank account, including the number of the bank, branch, and account and a little thing called ’suffix.’ But nonetheless, you can make the payment, which is saying a lot given the level of functionality available today with most mobile banking solutions. You can also store the information of your favorite payees to access for future payments, eliminating the need to re-enter their bank information.

Another feature is Alerts, which can be set by account and delivered daily, weekly or monthly. And last but not least, users can access a ‘Mini-statement’ of their most recent transactions by account, including complete transaction details.

ANZ bank offers a very thorough online demo of what they’re calling M-Banking.

“Mobile Banking” Unwired

The U.S. is far behind the rest of the world in mobile banking. Major banks such as Bank of America and Wells Fargo can barely offer a snippet of what’s offered through M-Com. But the trend in the U.S.  for mobile banking adoption is increasing, and it won’t be long before mobile banking and mobile payments become a standard offering by most FI’s.