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Fiserv helps consumers manage finances via mobile

Umpqua Bank will use Fiserv Inc.'s Mobile Money to help its customers manage their finances via mobile.

Mobile Money is integrated with Fiserv's online banking and bill-pay services already being used by Umpqua. This will allow the bank to extend these applications to the mobile platform.

"Fiserv is working with our partner financial institutions, including Umpqua Bank, to deliver robust mobile services that meet the current and future needs of the mobile channel," said Mr. Calvin Grimes, mobile solutions product manager at Fiserv, Atlanta.

"Mobile Money from Fiserv is fully expandable and can start out servicing a smaller need, like text banking, but expand over time to support the broader category of mobile-initiated payments at merchants, both remote and point of sale," Mr. Grimes said.

Fiserv is a global provider of information-management and electronic-commerce systems for the financial services industry.

Umpqua Bank is a subsidiary of Umpqua Holdings Corporation and has 150 locations between Napa, CA and Bellevue, WA.

With Mobile Money, customers will be able to access balance inquiries, transaction history, account transfers, bill payments, account alerts and an ATM and branch locater.

Mobile Money is secure, utilizing security best practices such as data encryption.

Mr. Grimes said mobile banking is attractive to both consumers and banking institutions.

"Mobile banking can offer a real near-term return on investment for the financial institution," Mr. Grime said. "It also provides real-time and on-demand access to accounts for consumers. This creates a product that is in demand by both financial institutions and consumers."

Mr. Grimes said mobile banking is a doorway product.

"It allows financial institutions and consumers to become more comfortable transacting in the mobile channel," he said. "Mobile banking will continue to evolve in the coming months, and will help usher in a new payments ecosystem.

"Mobile banking gives us the opportunity to prepare for that new payments ecosystem and establish models of behavior and business that will support the way transactions are conducted in the future."

A recent study by CashEdge found that more than 32 percent of those surveyed would use mobile banking technology if their bank offered it.

The survey polled more than 850 consumers ages 18 and older who use online banking. Respondents described themselves as bank customers, credit union members and customers of direct or virtual banks (see story).

With mobile banking taking off, Mr. Grimes said it presents a unique opportunity for mobile marketing as well.

"Mobile marketing is going to be a category to watch throughout the coming months," he said. "Most financial institutions are focused on just getting a product to market. The marketing in some cases has been an afterthought.

"The more successful launches of mobile services to this point have involved some type of broad mobile-specific marketing campaign, and that will be key when trying to reach both online and offline consumers."