Small Business and Corporate Mobile Banking Solutions Gaining Popularity

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30 July 2010
Jacob Jegher
Consumer mobile banking has already created quite a stir. Hefty marketing campaigns aimed at the consumer market are being used to promote mobile banking services. While the potential of the consumer mobile banking market is certainly attractive, little emphasis is being placed on the corporate or small business markets. This is quite surprising given the penetration of mobile devices in the business world. Mobile access is a natural and innovative add-on to today’s cash management services. Businesses of all sizes are already indicating that they would like to gain access to mobile services. Banks have to be able to offer these services in order to innovate, respond to market demand, and remain competitive in a crowded and highly mature playing field. The time to provide mobile banking services to business customers is now. The state of the mobile world is opening an array of opportunities for corporate users. Because corporate users are so in tune with the benefits and flexibility of mobile technology, they make excellent candidates for mobile banking services. Device evolution, Blackberry and iPhone mania, faster networks, and the prevalence of data plans will drive the adoption of small business and corporate mobile banking services. Introductory mobile solutions are already providing static information in the form of alerts, account balances, customer service features, etc. As applications mature and customers begin to appreciate the value that they are obtaining from mobile access, additional banks will begin to introduce more interactive functionalities like positive pay decisioning, payment approvals and some forms of payment initiation. There are first movers in this space. Wells Fargo is the pioneer - they launched their CEO Mobile solution back in 2007. This product has now evolved to encompass many of the features mentioned above. More recently, other banks have started to dabble in this space. Most have basic small business solutions that provide traditional consumer mobile features, although a few have taken a step forward to provide more sophisticated functionality. Small business examples include Chase, CIBC, Wachovia, and Wells. Large corporate examples are still few and far between, however, there are a number of banks that have fully developed solutions and it is only a matter of time before they are marketed to the masses. I would love to hear your thoughts on the market for business mobile banking solutions. Do you think this is something all banks will have? Is there a business case or strong value proposition here?

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