Lloyds TSB launches next generation of mobile phone banking

Lloyds TSB has become the first bank in the UK to offer a range of banking services allowing customers to monitor and manage their money on a mobile phone. The new Lloyds TSB Mobile Services are unique in giving customers the ability to move money instantly between accounts through a Mobile Banking application and receive text messages about their finances.

Keeping customers up to date and in control of their finances - the ‘Mobile Banking Pack'

Mobile Services allows customers to securely move money between their Lloyds TSB accounts on their mobile phone. They will also be able to 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.

Using the new service customers can opt to set up ‘High Balance' and ‘Low Balance' alerts to advise them when their current account balances reach, exceed, or fall below certain levels. They can then instantly transfer money into their savings account, or move money into their current account as needed using their mobile phone.

Through the Mobile Banking application customers will also be able to top up their own, or other ‘pay as you go' mobile phones, direct from their current account.

New free text alert

The new service will also include an Overseas Transaction Alert. Subscribers will receive an alert if their debit card is used to withdraw cash from a cashpoint or to make a purchase abroad. This alert is designed to give customers control and peace of mind in always knowing what is happening on their account.

Complementing existing Mobile Services

These new services build on Lloyds TSB's existing Mobile Services, which were introduced to help customers better manage their money.

Lloyds TSB ‘Limit Alerts' notify customers when their balance is near or beyond its account limit. They receive a ‘Near Limit' alert when their balance is within £50 of its limit and an ‘Over Limit' alert when their balance is over its limit, or if a payment (for example a standing order) can't be made because there is not enough money in the account.

‘Balance Advice' customers receive a free weekly text with their balance and last six transactions to help them keep up-to-date with their finances.

Growing demand

Lloyds TSB has four million customers registered for its Internet Banking service and new research shows that nearly three quarters (74 per cent) of people use Internet Banking to keep track of their finances.

However, the research also reveals that two thirds (60 per cent) want to be able to keep tabs on their accounts using their mobile phone, while half (53 per cent) want to be able to actively move money between accounts. Over a third (36 per cent) say that being able to manage their money in this way would help them to keep a closer eye on their finances.

Catherine McGrath, director of current accounts, 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."

The research highlighted the growing trend for mobile phones to be used for a range of purposes other than phone calls. Eight out of ten (81 per cent) say they send or receive texts; more than half (57 per cent) use their phone as a camera; a third (36 per cent) use it as a diary; a quarter listen to the radio through their phones; and a fifth (19 per cent) access the Internet.

Catherine McGrath adds, "Gone are the days when we used our phones only to call friends and family. Mobile phones are now part of our daily lives in a way few would have imagined just a few years ago. Just as Internet banking has taken the country by storm over the past decade, mobile banking is now set to change the way we mange our money.

"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."

The Mobile Banking element of Lloyds TSB Mobile Services has been designed with security as an absolute priority. It has been tested to meet international security standards and customers will need to enter a six digit pass code before they can view or move money between their accounts. Customers will also need to give their accounts nicknames when registering for Mobile Banking, meaning that that no one else can see their account numbers and sort codes.

As part of Lloyds TSB's student offer, any student account holders will be able to get the Mobile Banking Pack free until October 2009. Lloyds TSB Premier and Private Banking Premier account customers will also receive the services free of charge. For all other customers it will cost £2.50 a month.

The weekly Balance Advice text and Overseas Transaction Alert are free for all personal banking customers as long as they have a Lloyds TSB current account and active debit card.

To find out more about Mobile Services customers can visit lloydstsb.com/mobileservices