Mobile Banking for Business Gains Momentum
It’s no longer business as usual. Taking their cue from consumers who increasingly use the mobile channel to manage their financial lives, more and more businesses are turning to mobile banking as a way to add a new level of ease and convenience to day-to-day business operations. Thirty-two percent of small businesses are already using mobile banking, with an additional 31 percent likely to use mobile banking in the coming year, according to a 2014 Aite Group report.
Industry forecasts suggest that this trend will only gain momentum as more and more business banking customers embrace a mobile banking experience that‘s digitally optimized, innovative, and adapts to their on-the-go lifestyle.
While many businesses are using or planning to adopt digital banking services, capitalizing on this opportunity isn’t as simple as offering businesses the same digital services as retail accountholders. In addition to advanced capabilities, businesses require a secure mobile banking platform that offers intuitive, user-friendly banking services with a next generation look and feel.
As outlined in the Fiserv white paper, Riding the Digital Wave for Business Banking, Propelled by Mobile, financial institutions can best serve business customers by offering digital banking capabilities that consider the unique needs of businesses, including:
Tight Security and Control. Businesses often have explicit requirements for security features, and expect proactive monitoring and notification of suspicious activity. Access control based on an employee’s role is critical as business accounts might be accessed by multiple employees for different reasons.
Streamlined Processes. Business customers seek functionality that cost-effectively expedites transactions and other tasks, consolidates functions, and avoids time-consuming branch visits.
Tailored Functionality. Businesses need cash management capabilities such as wire transfer transaction approval, ACH transaction approval and positive pay decisioning. Businesses also benefit from remote check capture and initiation or approval of payments.
Streamlined Onboarding. Onboarding, user administration and credential management must be channel appropriate, with the mobile banking credentialing process tightly integrated into the online banking process. This is especially important when an employee with access to bank accounts leaves a company.
Reimagined User Interface. Businesses require tools that facilitate quick decision making, such as alert notifications and easy navigation. Businesses want to readily identify items that need their attention, and efficiently manage and resolve exceptions.
A complete digital business banking experience deepens relationships with business customers and increases transaction volume and revenue. Learn how Fiserv is delivering business mobile banking and payments capabilities to financial institutions with Mobiliti Business™ from Fiserv.
Interested in learning more in-depth strategies for these critical business areas? Join us at Fiserv Forum 2015, which features sessions dedicated to both business and digital banking.