Word: phoning
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...electronic wallet got one step closer to reality on Monday when Citibank unveiled a cell-phone-based service that lets customers pay bills, check their account balances and transfer funds, regardless of which wireless carrier they use. The free program, Citi Mobile, will be available for customers in Southern California via download this week at Citibank.com and will go nationwide this summer. AT&T, Sprint and Verizon customers can start using the program this week, with other carriers and a Spanish-language version out later this year. "We're changing. Banking is changing," said Citigroup CEO Chuck Prince...
...prime concern for potential users is security, which Citi Mobile protects in three ways. First, each time customers access their account by phone, they must enter a six-digit personal identification number (PIN). Second, no personal data, including account numbers, are ever stored on the phone. And finally, all information sent between the phone and the bank has 128-bit encryption. While a cell phone virus could still circumvent such security in theory, it has yet to happen even in countries where mobile banking is already widely used...
...Available for more than two years in Japan and much of Europe, cell-phone banking has been slow to catch on in the U.S., in part because of lack of interest. Wells Fargo shuttered its mobile banking offering in 2002 after only 2500 people had signed up over 18 months. (It plans to launch a new service later this year.) A recent study by Forrester Research found that only 10% of Americans said they would consider mobile banking, versus the 35% or so who already bank online. "It's hard to motivate someone to download something on their phone...
...Steve Jobs has modified the Mac operating system for the iPhone, he could use that slimmed-down version for other mobile devices. Apple could employ flash memory instead of a standard hard disc, extending a mini Mac's battery life and allowing it to start up quickly, like a phone. A Jobs subnotebook would likely be bigger than FlipStart's but smaller than a laptop. Apple would have a distinct software advantage, given its focus on nongeeks...
...phone interview, Fitzsimmons attributed the increasing diversity of the accepted class to the success of the Harvard Financial Aid Initiative (HFAI) and minority recruitment efforts...