Would you want your bank texting you account updates?
Banking, whether you like it or not, is coming to the mobile phone.
There will be an entire generation opposed to this maturation (as MSN detailed a few months ago), but technology has become too advanced for consumers not to embrace controlling their money from the convenience of their handhelds.
And today, Scotiabank has made the mobile evolution’s next big play.
The Canadian megabank announced it will roll out a new service plan that would allow users to receive a text message every time there is activity on their account.
InfoAlerts, as it will be called, will be a BlackBerry and iPhone app at first, with future versions likely in store.
Scotiabank clients would be able to choose whether to receive a text or email when a transaction happens in one of their accounts.
This news comes in the wake of a Wall Street Journal story reporting how consumers were more likely to save if their bank sent them motivational, “Hey, you should put away $25 in your savings this afternoon!”-type text messages.
According to the study quoted in the WSJ, there was a 6% increase in savings account balances by participants who received the messages.
Now, there are obvious cons to these initiatives: who wants their pocket to constantly rumble after they buy a pack of gum with debit, and who is a cash-mad major bank to tell me how to save the pennies of my mini-fortune?
Yet there are definite pluses to knowing when things are happening with your electronic money.
“While constant updates of one’s bank accounts has its obvious advantages – helping customers track their spending, seeing when cheques clear, etc. – (InfoAlerts) also sounds like a handy security feature,” writes the Financial Post.
“In the case of identity theft, for example, if someone receives an e-mail saying they’re spending money at the Gap when they’re clearly not doing so, they may be able to put a halt on their cards sooner rather than later.”
What do you think? Would you want your bank messaging you updates about your account in real-time?
By Jason Buckland, MSN Money
Posted by: Jen Lo | Dec 2, 2021 9:25:47 PM
No, I don't like this idea. 1) It gives phone companies way to many excuse to collect fees 2) who doesn't drop their phone? 3) your spouse / partner/ parents can check on your account on behalf of you.
There are lots of things the bank can improve on- operation hours, fees, investment option, train staff on their professionalism, etc. Don't spend money on useless revolutions. Scotia Bank: We don't want our information to be share on facebook, if that's what you are planning to do next.
Posted by: Jatan | Dec 3, 2021 10:22:36 AM
Finally Canada is coming to terms with third world countries like India with regards to Technology. This was implemented atleast 3 yrs ago when one of my friends told me about it.
But thats good. With so many frauds going around, it's good to know when a transaction takes place. Also saves trees, by not having to produce the paper receipts.
Posted by: LifeExplorer | Dec 3, 2021 12:49:22 PM
It could be good for warnings of negative balances, insuficient funds to cover transaction pending, large or unusual transactions,etc. and is about time since Europe has been doing it for ages. Canada needs to wake up!
I am affraid this will come at a cost though and I still love my paper statements periodically when warranted.
Posted by: Rob | Dec 3, 2021 2:32:13 PM
Sounds like more garbage coming my way and depending on my cell phone plan more costs
Posted by: Tim | Dec 3, 2021 3:09:50 PM
I like the idea of having the OPTION to chose whether I receive emails or texts when certain activities or selected thresholds are reached. Things like when my account balance drops below a limit I set or when a withdrawl exceeds a certain dollar amount.
Posted by: John | Dec 3, 2021 4:20:40 PM
Information overload.
Posted by: JunkMan | Dec 3, 2021 6:27:04 PM
Love it, if the banks reach an agreement with the telecom giants to not charge for such messages (poor Rogers - they would be out of business !)
Why only Scotia bank ? What are the other big bank's doing about it ?
Posted by: LOL! what a scam.... | Dec 3, 2021 10:27:02 PM
Beware, the two biggest industries that love to nickle and dime you for everything have come up with a great new way for both of them to charge you an extra "service fee". But even without that, i would not be interested.
Posted by: Rob | Dec 3, 2021 11:31:33 PM
If the bank allows you to access your account(s) via your mobile phone then you can choose to access anytime you want and verifythe content. That is good technology.
What is not is to be beeped , ringed, texted each time they deem it important. Reality is Banks do protect you if fraud occurs so what is with the I need to know each minute.
No one knows what is in your account or the name of the charge but once this text advice moves from the secured bank servers to the phone company it is now in public domain. Next thing it will be Twitter
Cheers