Mobile banking breakthrough

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A breakthrough in mobile technology is set to allow people to bank through their mobile phones.

Lloyds TSB is to introduce the measure next month, with customers able to manage their accounts using their mobile phones.

Other banks are expected to follow, with the feature expected to be money saving as it will be far easier to check balances and make purchasing decisions.

According to the BBC, the technology to introduce this has been available for some time, but security issue shave had to be paramount, especially as a feature allowing people to transfer funds to other accounts is included.

Catherine McGrath, director of current accounts at Lloyds TSB, said: "Just as internet banking has taken the country by storm over the past decade, mobile banking is now set to change the way we manage our money."

Innovation is not likely to have been at the top of banks' agendas recently, with Lloyds TSB buying out HBOS last week during seven days of frenzied activity in the banking world.

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