B2B Payments

2/3 of Small Businesses are Banking with Mobile

A recent study, “Monetizing Mobile Banking for Small Business Customers,” that examines how small businesses are currently utilizing mobile banking services, as well as what features they would benefit from and whether they would be willing to pay for them has discovered new numbers on SMBs and mbanking.

One in three small businesses say they use mobile banking on a weekly basis, while another third use mobile banking but less frequently. The remaining third claim to have never used mobile banking at all. Only 18% see no need for mobile banking.

To compare, 75% of small businesses say they use online banking on a weekly basis, 21% use online banking less frequently and 4% have never used online banking at all.

“A wide range of small businesses are willing to pay for more advanced mobile banking features, but most financial institutions are only offering free basic services,” said Jamie Zussman of RateWatch.

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