Close
  • Latest News
  • Artificial Intelligence
  • Video
  • Big Data and Analytics
  • Cloud
  • Networking
  • Cybersecurity
  • Applications
  • IT Management
  • Storage
  • Sponsored
  • Mobile
  • Small Business
  • Development
  • Database
  • Servers
  • Android
  • Apple
  • Innovation
  • Blogs
  • PC Hardware
  • Reviews
  • Search Engines
  • Virtualization
Read Down
Sign in
Close
Welcome!Log into your account
Forgot your password?
Read Down
Password recovery
Recover your password
Close
Search
Logo
Subscribe
Logo
  • Latest News
  • Artificial Intelligence
  • Video
  • Big Data and Analytics
  • Cloud
  • Networking
  • Cybersecurity
  • Applications
  • IT Management
  • Storage
  • Sponsored
  • Mobile
  • Small Business
  • Development
  • Database
  • Servers
  • Android
  • Apple
  • Innovation
  • Blogs
  • PC Hardware
  • Reviews
  • Search Engines
  • Virtualization
More
    Subscribe
    Home Latest News
    • Mobile

    Taking Wireless to the Bank

    Written by

    Renee Boucher Ferguson
    Published December 11, 2000
    Share
    Facebook
    Twitter
    Linkedin

      eWEEK content and product recommendations are editorially independent. We may make money when you click on links to our partners. Learn More.

      A number of software developers are jockeying to become the preferred source for wireless applications to the financial services industry. And while the institutions themselves are responding by rushing out wireless services, theyre doing so without a clear strategy or clear demand.

      Sun Microsystems Inc., Financial Fusion Inc., IBM and other developers announced wireless initiatives aimed at financial institutions during the BAI Retail Delivery banking conference here late last month. Nextel Communications Inc., of Reston, Va., released a separate announcement that it is partnering with Trintech Group plc., of San Mateo, Calif., and Dublin, Ireland, to provide wireless payment platforms to financial institutions.

      But while vendors are shoring up partnerships to provide wireless applications and platforms, there doesnt seem to be clear consumer demand or a clear strategy among financial institutions to implement the stuff.

      “A lot of financial institutions have wireless on their agendas. They cant afford not to,” said Mark Sievewright, president and CEO of The Tower Group Inc., a market researcher in Needham, Mass. “They were late to the Internet. They wont want to miss that boat again.”

      Security is one factor holding back broad adoption of wireless services in this industry, observers said. Other stumbling blocks include low bandwidth and cumbersome devices. On the enterprise side, lack of mature standards is a concern, according to analysts.

      Developers looking to answer some of these concerns include Sun, of Palo Alto, Calif., which at the show announced a partnership with the Banking Industry Technology Secretariat, a Washington-based financial industry consortium, for security standardization across wireless formats. Microsoft Corp., of Redmond, Wash., is also working with BITS and other financial industry consortia to solve standards issues.

      IBM, of Armonk, N.Y., and Financial Fusion, a Sybase Inc. subsidiary in Westport, Conn., announced that they were teaming up to develop applications and middleware to build financial destinations for online banking and wireless customers.

      Financial institutions are rolling out wireless services. Microsoft and Corillian Corp., for instance, announced at the show that New York-based Chase Manhattan Corp. will use Microsofts Windows 2000 platform along with Corillians wireless applications for its Internet banking services.

      Sun said that Credit Suisse, also of New York, had chosen Sun to provide the platform for its “youtrade” wireless trading service.

      But some observers said banks are simply “throwing things against the wall to see what sticks.” For instance, CyberSafe Corp., a developer of digital certificates, said it is doing business with several companies, including a major brokerage house, that had planned to make announcements at the show. So far, those plans have not come to fruition, according to John Hoskins, vice president of transaction security for CyberSafe, of Issaquah, Wash.

      “Six months ago, companies were looking at the space and forecasting pilots,” Hoskins said. “Customers were excited about the business reasons [behind wireless], then they started delving into where the risks are. Its a whole lot harder than anyone thought.”

      Despite the hype, not everyone is jumping on the wireless banking bandwagon—at least, not from the consumer perspective.

      “Im not convinced yet,” said Andrew Arwas, head of risk management at Barclays Bank plc., in London. “I would not want to spend one minute on one of those little mobile phones to figure out my account. And Im a geek.

      “I would do wireless transactions—Im just not sure what that transaction would be,” Arwas said.

      Renee Boucher Ferguson
      Renee Boucher Ferguson

      Get the Free Newsletter!

      Subscribe to Daily Tech Insider for top news, trends & analysis

      Get the Free Newsletter!

      Subscribe to Daily Tech Insider for top news, trends & analysis

      MOST POPULAR ARTICLES

      Artificial Intelligence

      9 Best AI 3D Generators You Need...

      Sam Rinko - June 25, 2024 0
      AI 3D Generators are powerful tools for many different industries. Discover the best AI 3D Generators, and learn which is best for your specific use case.
      Read more
      Cloud

      RingCentral Expands Its Collaboration Platform

      Zeus Kerravala - November 22, 2023 0
      RingCentral adds AI-enabled contact center and hybrid event products to its suite of collaboration services.
      Read more
      Artificial Intelligence

      8 Best AI Data Analytics Software &...

      Aminu Abdullahi - January 18, 2024 0
      Learn the top AI data analytics software to use. Compare AI data analytics solutions & features to make the best choice for your business.
      Read more
      Latest News

      Zeus Kerravala on Networking: Multicloud, 5G, and...

      James Maguire - December 16, 2022 0
      I spoke with Zeus Kerravala, industry analyst at ZK Research, about the rapid changes in enterprise networking, as tech advances and digital transformation prompt...
      Read more
      Video

      Datadog President Amit Agarwal on Trends in...

      James Maguire - November 11, 2022 0
      I spoke with Amit Agarwal, President of Datadog, about infrastructure observability, from current trends to key challenges to the future of this rapidly growing...
      Read more
      Logo

      eWeek has the latest technology news and analysis, buying guides, and product reviews for IT professionals and technology buyers. The site’s focus is on innovative solutions and covering in-depth technical content. eWeek stays on the cutting edge of technology news and IT trends through interviews and expert analysis. Gain insight from top innovators and thought leaders in the fields of IT, business, enterprise software, startups, and more.

      Facebook
      Linkedin
      RSS
      Twitter
      Youtube

      Advertisers

      Advertise with TechnologyAdvice on eWeek and our other IT-focused platforms.

      Advertise with Us

      Menu

      • About eWeek
      • Subscribe to our Newsletter
      • Latest News

      Our Brands

      • Privacy Policy
      • Terms
      • About
      • Contact
      • Advertise
      • Sitemap
      • California – Do Not Sell My Information

      Property of TechnologyAdvice.
      © 2024 TechnologyAdvice. All Rights Reserved

      Advertiser Disclosure: Some of the products that appear on this site are from companies from which TechnologyAdvice receives compensation. This compensation may impact how and where products appear on this site including, for example, the order in which they appear. TechnologyAdvice does not include all companies or all types of products available in the marketplace.