Banking has been big business for thousands of years, and as such, banks tend to avoid rocking the boat (subprime mortgage-backed securities notwithstanding). That is, until now. 

A consortium of banks, lead by Citigroup (NYSE:C), Bank of America (NYSE:BAC), BB&T (NYSE:BBT), U.S. Bancorp (NYSE:USB), and KeyCorp (NYSE:KEY) have joined forces to develop critical technology to pave the way for true mobile banking. 

In the video below, Motley Fool contributor Jay Jenkins discusses how this new technology could free consumers from bulky wallets and plastic cards, and how these leading banks stand to cash in.

 

Fool contributor Jay Jenkins has no position in any stocks mentioned. The Motley Fool recommends Bank of America, eBay, and Google. The Motley Fool owns shares of Bank of America, Citigroup, eBay, Google, and KeyCorp. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.