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Mobile banking is a technology that’s getting a lot of focus and effort these days in the financial industry. With fewer people stopping into branches, banks are going full throttle toward being able to service customers both via online banking and mobile banking. Wells Fargo took  a giant step when they introduced the ability for customers to transfer money to another customer via the Wells Fargo Mobile Banking service.

Not only are we living in a 24/7 connected society, we’re also living in a society that’s constantly on the go.  Think mother and father needing to transfer money to their child who’s away at college. To set this service up, a customer goes online, adds the account number they wish to have the ability to transfer to and then make the initial transfer. From then on, it’s all done via your mobile device.

Here’s what Wells Fargo had to say:

“More and more Americans are using mobile devices for banking, and we want to be there for our customers where and when they need us – whether they are waiting in line at a store or traveling by bus,” said Arah Erickson, vice president and head of Wells Fargo Retail Mobile Banking. “The added ability to transfer funds while on the go will be especially helpful for parents who have kids in college this fall as well as for students who need quick access to money at the last-minute to cover living costs, textbooks, or to split an expense with a roommate.”

Another key feature of this service is the fact that it can be done via text. From their release:

Text Message: Customers who send text messages on their phone can send a text message to the short code “93557” (for “WELLS” on traditional keypads) to automatically receive their balance within moments – without having to log in. Customers just type “bal” to review primary account balance, “bal all” to review all account balances, or “act” to review recent account activity. BlackBerry® smartphone and iPhone™ and iPod® touch users can download a WF.com icon for “one-tap” access to Wells Fargo’s mobile web site. WF.com is available free* from the App StoreSM on iPhone and iPod touch or at www.itunes.com/appstore/. For more information, please visit www.wf.com.

Banks and financial instiutions who fail to simplify their customer’s ability to conduct bank business will begin to find themselves further and further behind. Not everyone is online or using mobile devices for banking, but as an emerging trend, financial institutions still need to think one step ahead.

Not everyone will use this service, just as not everyone uses online banking. But for someone who’s constantly on the run, doesn’t want to have to wait in a physical branch or may not always have access to a computer; the ability to transfer funds via a mobile device is that feature that will likely help increase market share and customer service levels.