4 mobile banking trends that will boost your business’s productivity
By 2020, 81 percent of US adults will use mobile banking technology, according to a report by JAVELIN. Businesses, however, have been much slower than consumers to embrace these mobile banking trends. Only 32 percent of businesses bank via mobile devices, according to a survey by Aite Group. Even the most popular banks only have adoption rates of about 20 percent for mobile services.
As banks develop more robust mobile apps with additional features, there’s an opportunity for enterprises to integrate mobile banking into their businesses and reap the rewards of added convenience and greater productivity.
Here’s a look at a few mobile banking trends that may encourage you to make 2018 the year your organization embraces mobile banking.
1. Key mobile banking trends: Mobile deposits and bill pay
Eliminating the need to go to a brick-and-mortar bank to deposit checks may be the biggest benefit of mobile banking. It saves the time and hassle of having an employee travel to a local branch, making them more productive. For large enterprises where deposits are often distributed, such as companies with multiple offices or subsidiaries, mobile banking can also help centralize processes.
Mobile banking apps can improve speed and convenience for enterprises when it comes to paying bills and filling invoices. Even when on-the-go, financial professionals can ensure that accounts payable are always fulfilled.
2. Text messaging and alerts
Banking apps also offer options to customize messaging and alerts so financial professionals can be alerted to critical information, such as incoming or outgoing wires that require authorization. Less important information can be bundled into daily or weekly texts or emails. These alerts and messages can cover a number of categories, including:
- Account activity (such as balance checks, deposits and transfers)
- ACH activity
- Wire transfers
- Debit and credit card activity
The benefit of these alerts and messages is that financial professionals can proactively be alerted to important issues.
3. Card management
Mobile banking apps are now also making it easier to manage enterprise credit and debit cards. Features include being able to:
- Turn cards on or off at any time
- Set or remove spending limits
- Get real-time purchase alerts
- Limit transactions to a certain area using GPS
- Restrict transactions based on merchant type
This provides easy, real-time control and better oversight to businesses managing employee debit and credit cards.
4. Secure banking environment
Mobile banking trends aren’t only making it easier than ever for enterprises to conduct banking transactions so financial professionals can be more productive and focus on more strategic priorities; mobile banking can also add security. Any mobile banking app should include:
- Strong password requirements
- Multifactor authentication and credential management, including biometrics and fingerprinting
- Control over what each role can do and view through mobile apps or other digital channels
- Proactive monitoring and notification of any suspicious account activity
As mobile devices continue to proliferate in everyone’s personal and work lives, mobile banking for business is also becoming more mainstream. Enterprises are rapidly embracing digital transformation and with it, mobile banking.