Luckily, I ran into Jim Simpson, SVP IT at City Bank Texas, at Finovate Tuesday, or I might have missed his bank’s significant new app update this week.
I am so impressed with what they are doing down there in Lubbock. First, it was the debit card on/off switch a few months ago. And now they just added three new control switches (see inset):
- Increase daily withdrawal limit at the ATM
- Increase daily debit card purchasing limit
- Allow foreign transactions
All three controls temporarily increase limits so customers can easily approve their own authorization exceptions (within limits).
Bottom line: Putting more control into the customers’ hands is what mobile banking is all about. And City Bank has taken the lead.
But they are just getting started. From what Jim told me this week, they have plenty of other ideas in the hopper. Keep an eye on these guys.
Update 17 May: I neglected to mention that the software is from Austin, TX-based Malauzai Software.