Corporate Mobile Banking: Revolutionizing Cash Management
The corporate mobile banking market has matured quite a bit, and a slew of new devices, cheaper data plans, and faster networks are upon us. Business mobile users have the opportunity to take advantage of rich and powerful mobile banking services, provided their bank has an offering.
Mobile mania is upon us. From smartphones to tablets, mobile devices are being marketed, sold, and enjoyed by people all over the world. The business user is no exception. In fact, business users were some of the first to take advantage of mobile technology as they embraced the capabilities of the Blackberry.
According to a new report from Celent, Corporate Mobile Banking: Revolutionizing Cash Management, as mobile solutions and devices have matured, financial institutions have come to some realizations: not all business users are destined to be mobile banking users; and business customers deserve increasing emphasis, particularly in an unprofitable retail banking climate. Banks learned a tremendous amount from their retail mobile initiatives and can apply the lessons; bank-led corporate mobile initiatives extend to enabling B2B payments initiatives and providing the rails for consumer mobile payments.
One of the greatest concerns is security. This is especially relevant if transaction initiation is enabled for the mobile user. For now, corporate mobile banking appears to be safe. That doesn’t mean it’s going to continue to be safe, and financial institutions and corporations cannot rely on their experience. Celent believes that mobile fraud attempts are going to explode. It’s not a question of if, it’s a question of when, who (who will be targeted), and how. This all points to banks taking a broader view on security that is both cross-channel and multIlayered. New forms of authentication have the potential to oust the trusty token.
“Celent recommends that banks determine how they can take advantage of corporate mobile solutions,” says Jacob Jegher, Senior Analyst with Celent’s Banking group and author of the report. “Banks that ignore the mobile channel will simply fall behind. Mobile isn’t a ‘nice to have,’ it’s a fundamental mainstream channel.”
This report examines and analyzes the state of corporate mobile banking. It delves into why mobile banking is important in the cash management space and explains some of the adoption hurdles. It then explores security challenges, the role of the tablet, and the convergence of online and mobile solutions. Finally, the report provides insight regarding corporate mobile banking functionality and how financial institutions should go about deploying solutions.