TD Bank is streamlining its customer service operations via mobile applications for Apple’s iPhone and Google’s Android-powered devices.

Initially, customers can use the mobile banking applications to find stores and ATMs, check deposit, loan and credit card balances, view pending transactions and account history, transfer funds and make bill payments.

“We worked to develop an app that suits the needs of our customers and keeps to our brand promise to be simple, convenient and easy to use,” said Rebecca S. Acevedo, public relations manager at TD Bank, Portland, ME. “This is just the first in a series of releases for mobile banking for us.

“There will be exciting new additions to our app features in the future,” she said. “Our brand mission has always been to be America’s Most Convenient Bank. That means having delivery channels that meet our customers’ needs. 

“This is another way for us to do that. Now customers can do their banking on the go, when they want too.”

Mobile banking has seen a huge increase in usage and in institutions offering the service in the last year, according to IDC Financial Insights’ 2009 Consumer Mobile Banking Preferences Survey Results.

IDC Financial Insights recommends that financial institutions begin expanding what they offer, marketing these offerings as easier to use, and providing more opportunities around payments and fund movement.

Financial institutions that can capitalize on this will be better positioned to both obtain and retain customers.

TD Bank is ahead of the curve with the launch of its mobile banking applications.

A factor driving the growth of mobile banking is the quick growth of smartphones.

Demographics are also driving momentum behind mobile as younger demographics are more likely to conduct banking over the mobile device than they are using a traditional PC or laptop

“We choose iPhone and Android because these are the devices our customers are using and requested,” Ms. Acevedo said. “We anticipate that the app for the BlackBerry will be released in the upcoming months.”

Final take
Giselle Tsirulnik is senior editor of Mobile Commerce Daily