Lloyds TSB has launched a new scheme that will allow customers to handle debt management through their mobile phones.
It is the first UK bank to offer the service, where people can monitor accounts, arrange transfers and receive text messages about their finances.
Among the range of products available, users can arrange to have a low balance alert sent to them when their funds fall below a certain level.
Director of current accounts Catherine McGrath commented: “Gone are the days when we used our phones only to call friends and family. Mobile phones are now part of our daily lives in a way few would have imagined just a few years ago.”
She added that the service is expected to revolutionise banking in a similar way to the internet.
Barclaycard recently announced that it is set to issue one million ‘contactless’ payment cards, following a trial using mobile phones as a method of paying for goods bought in shops – eliminating the need for a Pin number.