Small Business being targeted by Banking

A recent study views more than 300 treasury executives has a lot to say about the un-tapped possibilities of mobile banking.

With around two thirds of respondents at least moderately interested in the functionalities of corporate mobile banking, offering this platform to business customers might just be the way of the future for financial providers. The figures presented are based on a global study of 319 executives. Over 40% of respondents agreed that, given the option, they would be ‘very likely’ to take advantage of financial planning by phone. With the CFOs and treasury executives of large organizations often away from their desks, an ability to monitor workflow from a mobile device, and to continue business functions while out on the road, is clearly a much-needed solution.

As the new world of mobile banking grows, so too do the possibilities. As we reported in Mobile Banking for Corporate Customers, big business clients are showing an increased interest in ‘anytime, anywhere’ functionalities.

These active customers are always on the go, and mobile banking represents a unique platform for their sophisticated transactions. Likely to drive a major innovation push, developing hand-held banking with CFOs and executives in mind should expand capabilities further than before.

But what about the small business customer, who could also benefit from increased banking

For the moment, it might be difficult to tell the difference between consumer and small business mobile banking. However, payment services, more frequent transactions, higher limits and multiple user access accounts represent key advancements in the space.

If banks begin to see these small business services in a revenue-generating light, they may just turn into more than re-worked customer offerings. First, though, this new market needs to actively, and measurably, utilize mobile banking.

Financial providers are still busy assessing the many possibilities for this market. Services might be free right now, but if small businesses show the same enthusiasm for mobile banking as their bigger counterparts, a previously untapped opportunity could drive some interesting new developments.

Banks may have been slow to offer the corporate world mobile banking, but the new Fundtech, Aite Group survey could represent a push in a new direction. What phone banking for businesses might ultimately offer, and how it will be marketed, remains to be seen.

 

[Dhruv Bindhani]

A recent study views more than 300 treasury executives has a lot to say about the un-tapped possibilities of mobile banking.

With around two thirds of respondents at least moderately interested in the functionalities of corporate mobile banking, offering this platform to business customers might just be the way of the future for financial providers. The figures presented are based on a global study of 319 executives. Over 40% of respondents agreed that, given the option, they would be ‘very likely’ to take advantage of financial planning by phone. With the CFOs and treasury executives of large organizations often away from their desks, an ability to monitor workflow from a mobile device, and to continue business functions while out on the road, is clearly a much-needed solution.

As the new world of mobile banking grows, so too do the possibilities. As we reported in Mobile Banking for Corporate Customers, big business clients are showing an increased interest in ‘anytime, anywhere’ functionalities.

These active customers are always on the go, and mobile banking represents a unique platform for their sophisticated transactions. Likely to drive a major innovation push, developing hand-held banking with CFOs and executives in mind should expand capabilities further than before.

But what about the small business customer, who could also benefit from increased banking

For the moment, it might be difficult to tell the difference between consumer and small business mobile banking. However, payment services, more frequent transactions, higher limits and multiple user access accounts represent key advancements in the space.

If banks begin to see these small business services in a revenue-generating light, they may just turn into more than re-worked customer offerings. First, though, this new market needs to actively, and measurably, utilize mobile banking.

Financial providers are still busy assessing the many possibilities for this market. Services might be free right now, but if small businesses show the same enthusiasm for mobile banking as their bigger counterparts, a previously untapped opportunity could drive some interesting new developments.

Banks may have been slow to offer the corporate world mobile banking, but the new Fundtech, Aite Group survey could represent a push in a new direction. What phone banking for businesses might ultimately offer, and how it will be marketed, remains to be seen.

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