) unveiled an android-compatible credit card application, REI Visa
app, for the consumers of Recreational Equipment, Inc.The
application is similar to the one launched by US Bancorp for
iPhones back in October. U.S. Bank plans to continue rolling out
this application to its co-branded partners throughout 2012.
The new application enables the consumers to apply for and
receive on-the-spot credit for making purchases. This sort of
application will enhance consumers' convenience and provide them
with spontaneous buying power.
This newly designed virtual credit card will contain all
information required to be furnished at the time of making
purchases. Moreover, it will enable access to account management
tools such as balance viewing, latest transactions as well as
making payments, at any given point of time. Further, it will
provide an access to a link of REI's website for online
US Bancorp was amongst the first to introduce mobile application
for credit cards. The initial applications were designed
exclusively to support iPhones. This revolutionary application will
expand the bank's exposure in the mobile banking arena.
Besides this virtual credit card application for mobile phones,
the bank has also launched an iPad banking application built on the
Mobiliti Enterprise, a mobile banking and payments platform from
Fiserv, to cater to the growing needs of tablet users.
Further, the bank designed and is upgrading an application,
which is compatible to iPhones, known as Find US+. The application
provides a street view of the bank's branches and ATM's employing
the mobile device's camera
From the view point of Recreational, the virtual credit card
offers opportunities to take the consumer relationship to a whole
new level by providing easy access to credit facilities.
Similar offerings by other banks
, Waddell & Reed Financial Inc.
) introduced a new mobile banking service - Send & Receive
Money - to make things easier for the bank's customers to transfer
funds to other banks using their mobile phones.
JPMorgan Chase & Co.
) offered a new mobile application to its customers. This
application allows customers to deposit checks via their mobile
phones and save a lot of time.
US Bancorp has been a pioneer in innovating faster means of
funds transfer. It has been able to perceive correctly the
immeasurable significance of technology in the modern-day banking.
In this way, it is constantly devising newer applications
compatible to mobile phones and tablets to simplify banking for an
average consumer. With such actions the bank will surely be able to
satisfy its customers and play a major role in improving the
general banking scenario as a whole.
US Bancorp currently retains a Zacks #2 Rank, which translates
into a short-term Buy rating. Considering the fundamentals, we also
maintain a long-term Outperform recommendation on the stock.
JPMORGAN CHASE (JPM): Free Stock Analysis
US BANCORP (USB): Free Stock Analysis Report
WADDELL&REED -A (WDR): Free Stock Analysis
To read this article on Zacks.com click here.