Text banking service 'could prove popular'

30 June 2009 — 5:00 PM

The bank announced the service this week

A move to allow consumers to use the latest phones to check their bank balances via text message could prove popular, according to one expert.

Mobile-phones.co.uk spokesman Thomas Newton said this week that Lloyds TSB's announcement that it would become the first financial institution in the UK to provide such a facility would make life easier for many.

The sector commentator explained an increasing number of people were turning to their handsets to keep track of statements and payments - meaning they now no longer need to travel to their branch or find a cash machine.

However, he added that there were also bound to be people who had concerns over the safety of such systems and may prefer to bank as they have done in the past.

"So whilst this certainly represents a step forward in mobile technology, Lloyds TSB will have to reassure customers of the safety of their new service," he concluded.

The service is expected to cost £2.50 a month and will detail the last six transactions carried out by the customer.

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