Wells Fargo launches mobile text banking service
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“We don’t believe any one mobile banking method will ultimately provide all the functions customers demand, which is why we’re offering two ways for consumers to bank with us through a mobile device,” said Eskander Matta, senior vice president of Wells Fargo Internet Services Group.
According to InsightExpress, an online market research firm, 43 percent of 18- to 24-year-olds send text messages daily. Additionally, 42 percent of U.S. wireless customers had sent a text message in the three-month period ending July 31, according to M:Metrics, a research firm that measures the mobile media audience.
To use the service, customers first enroll online to activate the text banking service, and then send a text message to a short-code number. After sending a text command, such as “bal all” for all account balances, the customer will receive the requested information.