It is not working for Firethorn/Qualcomm. They have 6 of the Top 10 Banks and have just over 150,000 users. At $1/user/month it would be ruled a disasterous failure especially since Top Management said, “the model isn’t working” and they laid off almost the entire sales force among others. Qualcomm paid $210 million for 40,000 users and a 155 Kb application in November of ‘07. Not quite the income or growth they were expecting over a two year period. They are laser focused on the application and not SMS or WAP. Both Chase and Citi are Qualcomm customers for an application. Both Banks also use in house solutions or others for other mobile banking application such as SMS and WAP. Firethorn/Qualcomm is ignorant to the fact that mobile banking is not just a downloadable application – it is SMS, WAP, remote deposit capture using the cell phone camera (for instance Mitek), and anything else that a Financail Institution wants to provide using the mobiel device. Companies that offer all three as well as other services and products to the Financial Services space will end up with the bulk of the success.