While the high-tech early adopters can hardly wait until Apple releases its own iPod fully integrated with a cellphone (see mockup left), I'm looking forward to one fully integrated with my bank (see NB, June 7).

Besides the usual list of online banking features, I want it to function as a data-entry device, kind of like a mobile Quicken. As I'm out and about, I want to be able to text message expenses into my transaction database, ideally housed at my financial institution.

How it works
Text messaging is used to post payment descriptions directly into my online banking transaction register. For example:

I pay $12.33 cash for coffee with my CPA. Instead of scrawling it on a receipt I'll lose within 48 hours, I text to the bank, "12.33 cash w cpa" which would then post directly into my transaction register. The shorthand would be enough of a description to prompt my memory even if I didn't do a thing until tax time. When back at my PC, I could expand on the description, add tax categories, and if necessary, download into financial software (Quicken, Money, etc.). If lunch went on my debit/credit card, I want to be able to add a descriptor to that transaction when it posts the next day, so I would text, "22.00 cr w cpa."

--JB