With all the recent hype in mobile banking, you would think it was the year 2000 all over again. But even when vendors were trying to get bankers to go bonkers over mobile banking the first time around, a combination of research data and industry analysis showed me that the bank’s customers just weren’t ready to buy what the vendors wanted them to sell, because the technology didn’t match the way that people managed their finances. Financial statements and bill payments weren’t ready for mobile devices then, and even with the ubiquity of Treos, Crackberrys and Motorola’s Q they aren’t ready now. My concern is that there is no focus on the area in which I believe mobile “banking” will eventually take off: IFMs.

IFMs, or Interactive Financial Messages such as two-way alerts (receive and respond) and prohibitions are ideal for mobile devices. It takes an entire report to explain in detail how these can work, but the point is that complex information can only be effectively managed through mobile devices on an exception basis, and in (two-way) delivery of financial information that handheld computer may become more essential than ever. (Heck, banks may even have an opportunity to put their virtual brand on devices!) Multi-channel relationships are where it’s at, and the strategic opportunities for banks, brokerages, issuers, technology vendors, and telcos are enormous. But let’s make sure we’re not about to relive the mistakes of 2000.