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Sallie Mae mobile offering helps customers be financially responsible

September 7, 2011

Sallie Mae enters mobile banking space

Sallie Mae has rolled out new mobile features for its banking customers to help account holders manage their money conveniently while on the go.

The new offering lets account holders pay bills, transfer money and view account balances and transactions via an iPhone application. Am SMS feature lets consumers send and receive text messages to view transaction history, transfer money or receive customized alerts.

“We offer a top savings interest rate but wanted to make it easier for Sallie Mae banking customers to bank whenever wherever they choose,” said Debby Hohler, a spokeswoman at Sallie Mae, Reston, VA.

“Another important reason is to stay on the edge of mobile technology as we are now serving more and more college students with our No Fee Student Checking Accounts offered on select college campuses,” she said.   

Sallie Mae is a financial services company specializing in education.

The new mobile features are available free for all Sallie Mae banking accounts including CDs, Money Market and High-Yield Savings plus No-Fee Student Checking accounts available on select college campuses.

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

The study found ninety-five percent want access to account balances, 79 percent want the ability to transfer money between accounts housed at the same bank, 72 percent would like the ability to pay bills, 41 percent the ability to transfer money between accounts at different banks and 35 percent want the ability to send money to third parties.

The bottom line is that consumers are ready and open to the introduction of mobile banking services, particularly those that replicate the features and functionality of the online experience.

Sallie Mae clearly understands that there is high consumer demand for mobile financial services.

 “Yes [there was a demand from customers for mobile access] and we wanted to help people manage their money and stay informed of account balances,” Ms. Hohler said. “Our mobile app is free at

“It is important to help customer be financially responsible,” she said. “The more information your customers have the better they are able to save and manage their money.”

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Giselle Tsirulnik is senior editor at Mobile Commerce Daily and Mobile Marketer. Reach her at

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