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Mobile banking

Mobile banking first for Lloyds TSB

By Becca Talbot becca.talbot@consumerchoices.co.uk

Lloyds TSB has become the first bank to offer customers a service allowing them to transfer money and monitor their finances through text alerts, on their mobiles.

Leading high street bank Lloyds TSB (www.lloydstsb.com) will launch its new mobile services this October, becoming the first provider in the UK to offer it’s customers a range of unique banking services that let them monitor and manage their money on a mobile phone.

In response to a huge demand from the four million customers signed up to its Internet Banking service, Lloyds TSB set up the new mobile service to allow customers to securely move money between their Lloyds TSB accounts on their phones. Customers can also view their account balances, check their last six transactions and receive a wide range of text alerts, to keep them up-to-date with their finances.

Catherine McGrath, director of current accounts at Lloyds TSB said: “Technology is evolving at lightning speed and with these changes come new demands from our customers and new possibilities for products and services to meet their needs.”

Several banks, including RBS and HSBC, already offer non-transaction mobile phone banking services, such as balance updates, text alerts and mobile phone top-ups. But the new Lloyds TSB system, available from October, will be the first to allow customers to move money between their own accounts using their mobile phones.

Customers using the Mobile Services can opt to set up ‘High Balance’ and ‘Low Balance’ text alerts, which advise when their current account balances reach, exceed, or fall below set amounts. There is then the option to instantly transfer money into a savings account, or move money into a current account as needed, all using a mobile phone.

‘Balance Advice’ text alerts are sent to customers weekly, showing their balance and details of their last six transactions; helping them manage their money without having to go into a branch, or log on to their internet bank accounts.

Through the Mobile Banking application customers will also be able to top up their own, or other pay-as-you-go mobiles, directly from their current account.

The new service also includes an ‘Overseas Transaction Alert.’ Customers who subscribe to this will receive an alert if their debit card is used to withdraw cash from an ATM machine or to make a purchase abroad. The alert is designed to give customers control, and help protect against fraud, as well as offering peace of mind in always knowing what is happening with their accounts.

Catherine McGrath said: “Many customers are already used to the idea of keeping tabs on their bank account using a mobile phone, but we’re launching the next generation of mobile banking that allows people to stay in real control of their money wherever they are.”

Lloyds TSB Mobile Services customers can rest safe in the knowledge that the services have been tested to meet international security standards. To access their accounts they will need a six digit pass code, as well as giving the accounts nicknames when registering for the service, meaning no one can see their account numbers and sort codes.

The Mobile Banking Pack will be free for students and Lloyds TSB Premier and Private banking customers. For other customers the cost will be £2.50 a month.

Chris Eagle, commercial manager at CreditChoices.co.uk said: “The new services offered by Lloyds TSB are a first for UK customers, but I’m sure many other banks will soon offer similar services. Just as online banking has taken off, mobile banking is now set to change the way we mange our finances.”

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