The T-Mobile G1 phone launched this week on Google’s new Android platform, staking their territory in the smartphone landscape. While recent mobile buzz has mostly been about how businesses could adapt and build for the iPhone, now people are talking about the G1.

For the financial space, this now means there’s another phone that can be developed for in addition to iPhones and BlackBerries. While most FIs haven’t developed any kind of mobile presence, one bank has taken a stance by repeatedly beating out competitors when it comes to launching mobile applications.

BofA Beats Everyone to the Punch

Jim Bruene of NetBanker reports that BofA has beaten all of its U.S. competitors to the punch with the last three smartphone releases:

• First iPhone application in Apple directory (non-native) in November 2007
• First bank with iPhone native app via App Store in July 2008
• First bank with Google Android app via App Market in October 2008

Use Your Resources to be Competitive

BofA has the advantage of being one of the largest banks (and most likely has a large R&D department), but taking your credit union into this realm doesn’t have to be difficult. Both Apple and Android have software development kits available that anyone can get access to. If you don’t have someone on staff that is familiar with mobile phone developing, consider holding a contest with your membership or community to see who is capable of developing something.

Leverage These Technologies To Your Advantage

While an app for your credit union may not garner millions of downloads, what’s most important is that it will serve your members (if they are mobile and using smartphones). The possibilities are only limited by your imagination. Talk to your members and find out what they would like in a smartphone application.

Ideas for a smartphone app could be:

• mashup with Google Maps for finding branches and/or ATMs
• simplified version of online banking
• FAQ help center
• member services chat

If you’re looking for a payoff, developing for these new smartphones will also say something about your commitment to the future and new technologies, something Gen Y is very passionate about.