BREA, Calif. — Here are some highlights of Matt Weidler's Business Plan for "Mobile Phone ATM Access":
1) ATM networks such as the CO-OP Network are an existing infrastructure that can be leveraged.
2) Carrying an ATM card can be a hassle, especially if you belong to multiple credit unions or if you're out for social evenings or working out in exercise clothing.
3) Mobile phones are owned by a huge percentage of the population, and that adoption rate is growing.
4) 98% of mobile devices can send and receive text messages.
5) By leveraging two existing entities, ATMs and mobile phones, mobile phone ATM access could make accessing your accounts simpler and quicker.
6) Authentication protocols would protect against fraudulent activity. A confirmation text message requiring a response would protect against unauthorized activity.
7) Member convenience is the primary benefit.
