Stoneham, Mass.-based StonehamBank announced April 6 the launch of its mobile banking and payment services, developed in partnership with technology provider, FIS.
A 115-year-old community bank with three Massachusetts locations, StonehamBank's leadership said the new technology was about customer access.
"We're focused on providing our customers with the latest means to access and receive information about their accounts, whenever and wherever they need it," said Patricia Lauzon, vice president of retail operations, StonehamBank. "One customer might need to pay a bill they've remembered at the last minute. Another might enjoy the security of receiving alerts about transactions made on their accounts. The mobile services we have implemented from FIS provide us with the flexibility to meet the needs of a wide variety of customers by offering around-the-clock access and convenient functionality."
A number of large banks, such as Bank of America, Chase and Wells Fargo, have developed downloadable mobile apps for smart phones such as the iPhone.
Meanwhile other banks are turning to outsourced products as a cost-effective solution to provide customers immediate mobile access to financial services, said Kay Nichols, executive vice president, FIS Channel Solutions. "The integrated nature of FIS Mobile Financial Services helps make it easier for institutions such as StonehamBank to stand out in their local marketplace. With this flexible mobile solution, FIS enables clients to move out in front of their competitors quickly to offer the on-demand convenience of mobile services without significant up-front resource commitments," she added.
StonehamBank is using FIS' Integrated Banking Services, which ultimately allows mobile customers to access banking services through a downloadable application or a phone's Web browser. Additionally, customers without data services can use text messages to check balances or to receive alerts.