MoBank: background information for media
MoBank – www.mobank.co.uk - is a new, exciting and free mobile banking service that works securely with your existing bank account allowing you to manage your money and pay for things using your mobile – wherever and whenever you want.
Right now, you can check the balance of your chosen account and other multi linked accounts you hold with that bank and could usually access via one Internet login as well as check your transactions and spending through a mini-statement. Soon, you’ll be able to pay bills (or pay your mate back that tenner you borrowed), and transfer money between accounts with MoBank – all on your mobile phone. It’ll also have clever features such as a birthday/special date reminder alert, and a budget tracker to help you keep on top of your spending. More information on new services will follow later in 2009/early 2010.
You can also buy all sorts of things using MoBank like cinema tickets, takeaways, games, flights, flowers and gifts. So, for example, if you’re on the bus home and you decide you want to go to the cinema after work, you can use MoBank to book tickets straight from your mobile. Or, if you’re on your way out and you realise you’ve forgotten your Mum’s birthday, you can send her flowers – ordering, buying and paying for them via MoBank on your mobile phone. You simply download the MoBank application, register your debit or credit card, get a secure MoBank PIN, and start to MoBank!
You can find a complete list of where you can shop on MoBank at Where can I shop? – more and more brands and features will be added over the coming months.
MoBank is currently available on iPhone and is fully compatible with iPhone OS 3.0. You can download it from the Apple App store here. Soon (within the next 12 months), it will be available on Palm Pre and Android phones.
How it works - MoBank works by connecting you, via the Internet on your phone, to a transactional payment system. All you have to do is register a debit or credit card, and you’ll receive your own secure PIN number to access the MoBank service, so you don’t have to enter all your card details every time you make a transaction. MoBank offers bank grade security and is completely secure: your account number, card details and PIN are not stored on the phone itself, and nor is any of your banking data – so you don’t have to worry if you lose your mobile. MoBank uses the same retail systems as any other credit card payment.
What does it cost?
MoBank offers consumers two options:
1. Pay as you go - All members can take advantage of MoBank’s free banking services Balance look up and Mini statement when you join and register a debit or credit card. These services are valid for most high street banks.
Browsing retailer websites, searching train times or looking up movie listings is free but for retail purchases, there is a charge of 50p per transaction. For customer convenience, a £2.50 charge will be applied every fifth transaction or at the end of three months when between one and five transactions have been made, rather than every time.
2. ProMo - Lifetime option - If you think you’ll use MoBank regularly, there is a lifetime option for a one-off charge of £15. This option gives you free balance look ups and means you don’t pay per transaction on retail purchases, meaning you’ll never have to pay anything to MoBank again!
This offer is available for a limited time only.
Note: some retailers may charge booking fees – as they would with an online or telephone booking - that are completely separate from MoBank charges. MoBank ensures that these are listed clearly at the point of purchase.
Partners – agencymobile is MoBank’s application development partner; NTT Europe Online hosts the IT infrastructure; the current banking services are provided by Yodlee; CRM platform and database is provided by Portrait Software; and transaction fee services are provided by TxtTrans.
Support - a team of MoBank boffins are on hand to answer any questions about the service. Details are available on www.mobank.co.uk.
The people behind MoBank are former First Direct and Egg bankers, Steve Townend and Dominic Keen. It is privately funded and is based in Odiham, Hampshire (UK).
Watch this space - people are already talking about MoBank: in 2008, it won a Red Herring 100 award for the best startups in the world; and it won the Oxford University Saïd Business School Venture Fund Competition 2008.
MoBank believes that:
It exists to make life easier for the people that use it, and to save people time by providing banking services on the move. A real alternative to existing banking services.
It is possible to be successful by being straight with customers, and treating them fairly (something the banks could do with remembering every now and again). Happy customers will be what make MoBank a success.
Doing all these things will help MoBank become the most successful mobile banking services company in the world.
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For more information, or to speak to Steve or Dominic, contact:
Melanie Hunter
Head of Marketing and Communications
MoBank
+44 (0)1256 395133
Email: mel@mobank.co.uk
or
Kylie West
Marketing Manager
MoBank
+44 (0)1256 395133
Email: kylie@mobank.co.uk