BROOKFIELD, Wis.-Fiserv has introduced a new mobile app that allows users to call up their account balance in about five seconds with a simple swipe of their finger and without logging into their accounts.
With the new Quick Balance app, users touch their finger to the institution's logo on the app and swipe down to retrieve their account balance. The app was developed in partnership with Bank of the West, the first institution in North America to introduce the mobile feature, according to Fiserv.
Erich Litch, division president, digital channels for Fiserv, says Quick Balance makes retrieving account balances even simpler than sending a text message for balance inquiries-a service many FIs offer today-and is certainly faster than using online banking with passwords.
"We are constantly looking for ways to add convenience and make things easier for end users," Litch told Credit Union Journal. "This is the kind of functionality users say they want, and it is the kind of app that is essential to increasing adoption and usage of mobile banking."
According to the 2012 Fiserv Consumer Trends Survey, 25 million U.S. households are using mobile banking. Viewing account balances is the No. 1 activity among users, with 66% saying they viewed their account balance on their mobile device within the last 30 days, Fiserv reports.
While users do not need a password with Quick Balance, they have to use their own phone on which the app is downloaded. "Users opt in for this feature, it is not default enabled," said Litch. "They can pick up to two accounts they want quick access to."
Litch said the new app is available for any bank or CU. It is currently offered as a custom enhancement, but will soon be an out-of-the box feature.
"Since the launch of the apps and the Quick Balance feature we've doubled the number of registered mobile banking users and had a three-fold increase in log-ins per day," said John Finley, SVP, digital channels, online and mobile banking for Bank of the West.
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