JPMorgan Chase & Co. has entered the mobile banking market by developing a text-messaging system that consumers can use to retrieve account information on their cell phones.
The New York company said Wednesday that it made the system available this week to all its checking and credit card customers, who can register their phones at Chase.com.
Customers request information by sending a text message to JPMorgan Chase. The system sends them balances for their accounts, the last five transactions on their checking, savings, or credit cardt, or outstanding balances and available credit.
"We selected these functions because they are what customers ask for most when they call us or check their accounts online," Ryan McInerney, head of marketing of JPMorgan Chase's consumer bank, said in a press release. "A college kid can find out if he can get that latte, and a mom knows how much she can spend while shopping."
Analysts have said that the top reason people contact a call center with a mobile phone is to check their balance while they are standing in line to make a purchase.Steve Bills
