Banks Turn Phone Into New Automated Teller

Customers worried about pinching pennies have more ways than ever to manage their finances through mobile devices, the Wall Street Journal reports. In 2008, 3.1 million people used mobile banking services, up from 400,000 in ‘07—and that number is expected to reach 7 million this year as the number of banks offering mobile services jumps from 245 to 614.

“This generation expects services on their mobile phones, including banking, and it could determine where they bank,” one analyst said. Applications for the iPhone and BlackBerry make mobile banking easier, while banks like Chase allow customers to check balances via text message on any cell phone. Citibank is even testing a service that will allow mobile devices to replace credit cards as a method of payment. (More mobile devices stories.)