Banking Review

CommSec first to move on iPhone apps

The Commonwealth Bank has become the first Australian institution to launch a dedicated iPhone application ahead of tomorrow’s Australian release.

The banks’ online broking arm CommSec has designed an iPhone Edition, which it says enables customers to make the most of iPhone’s touch screen functionality when trading online.

Clients can log-in to the dedicated service at www.commsec.com/iphone from 6pm tonight.

Despite the prevalence of the iPhone in the US, American banks have been slow to build dedicated apps that make it easier for iPhone users to conduct online banking using their iPhone.

Jim Breune at Netbanker says Germany’s Postbank was the first institution in the world to list its online banking app in the Apple directory, but more institutions are now joining in.

With Apple preparing to launch its App Store at the same time as we get the iPhone in Australia (2am their time) the race is on for banks to build useful tools for iPhone users.

Wesabe users can already view a snapshot of their recent transactions at all of the institutions they bank with thanks to the app Wesabe launched in January.

Users can also enter the cash transactions they make while on the move to help with budgeting and keeping track of little expenses or what Wesabe calls the “Latte factor”.

I hope Australian institutions and financial start-ups embrace iPhone Apps, ultimately helping to add to the utility we’re all hoping our iPhones will deliver.