About Doug

Doug leads the eCommerce Product Development team at Bank of America, where he is responsible for strategy and new product development for online banking, mobile banking and ATM. Most recently, Doug led the successful launch of the Bank of America mobile banking and bill pay products. He has an extensive background in marketing and technology strategy in the financial services, software and telecommunications industries.

About Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 55 million consumer and small business relationships with more than 6,100 retail banking offices, more than 18,500 ATMs and award-winning online banking with nearly 30 million active users.

Some of the Points Doug and Craig Discussed

1. As individuals begin planning their summer getaways and roadtrips, having access to their funds on the go will be essential. Increasingly, your bank has made it easier to stay on top of your finances all through the convenience of a mobile phone.
2. With Mobile Banking, summer travelers have the ability to do the following:
   • Check balances on their checking, savings, credit card accounts, and mortgages and home equity lines.
   • Pay bills and e-bills.
   • Transfer money between accounts and to other bank customers.
   • View transactions for checking and savings accounts, mortgages and home equity lines, including posted and pending transactions.
3.  While mobile banking is still an early phenomenon, TowerGroup estimates that the number of people actively using mobile banking in the U.S. will grow by more than five times by the end of 2013. 
   • In fact, that number is expected to double this year alone to 10 million users, up from 4.9 million users in 2008. In 2013, 53.1 million users will be banking with their Smartphones and other devices, more than five times the number likely to do so this year, the analyst group said.
4. Increasingly, banks are offering downloadable applications to their customer’s mobile devices, which provide easy access to their finances.
   • Bank of America for example offers applications for the iPhone/iPod touch, BlackBerry and Google Android phone. Additionally, it provides one touch access to multiple types of bank account information.
5. Apps can be downloaded from many of the mobile phone Apps stores, such as iTunes, BlackBerry App World and Google Android Market.
6. As individuals find themselves in new cities and towns, getting access to their cash is a priority. While some individuals can log-on to their bank’s Web site from their mobile phones for a list of nearby ATMs or input their zip code, some banks such as Bank of America works with a mobile phone’s GPS to locate nearby ATMs.
7. Mobile banking is also inherently as safe as online banking. Bank of America , for example, protects customers  with the bank’s SiteKey security service and Zero Liability Online Banking Guarantee for any unauthorized transactions. We provide a unique end-to-end security feature that ensures information remains encrypted when sent between the mobile phone and the bank. 
   • A full range of e-alerts help customers detect possible fraud and keep track of their accounts via e-mail or as a text message on their mobile phone.
   • No financial information is stored on the cell phone.