Fifth Third Bank has selected VeriSign Messaging and Mobile Media, a division of VeriSign, Inc. (NASDAQ: VRSN), to provide mobile banking alert services through short message service (SMS) messaging to its more than 1.3 million active online banking customers, VeriSign announced today.
The engagement is another testament to VeriSign's leadership in enabling mobile banking and its growing adoption worldwide. VeriSign's Messaging and Mobile Media Division, which works with six of the top 10 banks in the United States, three of the top five credit card issuers, and global leaders in online payment and remittance solutions, saw a 96 percent increase in messaging traffic in 2008 through its mobile banking platform. According to TowerGroup, the number of active mobile banking customers in the U.S. is expected to reach 10 million by 2009, while more than 53 million U.S. consumers will be using mobile banking by 2013(1). In addition, Juniper Research is forecasting that more than 350 million mobile phone users globally will have made use of their mobile devices for banking information purposes by the end of 2013 -- a growth of more than four times from 2008(2).
"At Fifth Third Bank, we continuously seek new ways to enhance the customer experience," said Paul Moore, senior vice president and director, Alternative Delivery at Fifth Third Bank. "The text alert functionality provided by VeriSign enhances our mobile offering and gives customers an actionable and practical way to utilize mobile banking."
Specifically, these SMS alerts will inform customers of recurring events, including statement availability, payment due notice and balance threshold events, such as when their account balance falls under or over a certain amount. Fifth Third Bank will charge no fee for the mobile banking enabled service, but carrier charges for Internet access and text messages may apply.
"Fifth Third Bank is another forward-thinking financial institution that leverages the mobile channel to provide convenience and better service to customers," said Michael Campbell, senior vice president of worldwide sales and marketing for VeriSign Messaging and Mobile Media. "Today, mobile banking is not an option, but a mandate for financial service institutions that want to deepen customer relationships and remain competitive. Through our mobile banking solution, we continue to enable banks to reach that leadership status and make anytime, anywhere banking a reality for customers."
About Fifth Third
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $120 billion in assets, operates 16 affiliates with 1,311 full-service Banking Centers, including 95 Bank Mart® locations open seven days a week inside select grocery stores and 2,354 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates five main businesses: Commercial Banking, Branch Banking, Consumer Lending, Investment Advisors and Fifth Third Processing Solutions. Fifth Third is among the largest money managers in the Midwest and, as of December 31, 2008, has $179 billion in assets under care, of which it managed $25 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com. Fifth Third's common stock is traded on the NASDAQ® National Global Select Market under the symbol "FITB."
About VeriSign Messaging and Mobile Media
VeriSign Messaging and Mobile Media is a division of VeriSign, the trusted provider of Internet infrastructure services for the networked world. Through this business unit, VeriSign provides global application services that reliably deliver short-messages (SMS), multimedia messages (MMS), and mobile content across wireless operators and mobile devices throughout the world. As a leader in mobile messaging, mobile banking and mobile content delivery, VeriSign offers a broad portfolio of mobile infrastructure and delivery services. Offering reliable delivery, a worldwide presence, and rapid and effective deployment, VeriSign has built a trusted and respected brand with global mobile operators, media content providers and enterprises. The reach, reliability and value add of VeriSign services enable these companies to capitalize on the rapidly growing messaging and media content markets.
About VeriSign
VeriSign, Inc. (NASDAQ: VRSN) is the trusted provider of Internet infrastructure services for the networked world. Billions of times each day, VeriSign helps companies and consumers all over the world engage in communications and commerce with confidence. Additional news and information about the company is available at www.verisign.com.
Forward-Looking Statement
Statements in this announcement other than historical data and information constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve risks and uncertainties that could cause VeriSign's actual results to differ materially from those stated or implied by such forward-looking statements. More information about potential factors that could affect the company's business and financial results is included in VeriSign's filings with the Securities and Exchange Commission, including in the company's Annual Report on Form 10-K for the year ended December 31, 2008 and quarterly reports on Form 10-Q. VeriSign undertakes no obligation to update any of the forward-looking statements after the date of this press release.
(1) TowerGroup, "U.S. Mobile Banking Forecast 2009-2013," Charul Vyas, April 2009
(2) Juniper Research, "Mobile Banking Strategies, Applications & Markets, 2008-2013," January 2009