CIT’s Southern California branch network, OneWest Bank, unveiled a new mobile app to help small businesses meet their financial goals.
“Small business owners are often on-the-go and are increasingly reliant on digital banking tools to keep up with their busy schedules,” said Heather Ellison, head of Retail Banking for OneWest Bank in an announcement. “Our new app is an accessible and convenient solution for local entrepreneurs looking to manage their money digitally, from anywhere at any time.”
The business app of OneWest Bank lets small businesses digitally deposit checks, pay bills, schedule appointments, transfer funds between accounts at OneWest and find the closest branch. Customers using the app can also ask for funding to aid their working capital and equipment financing needs from their mobile devices.
OneWest, for its part, provides a wide array of account features and products meant to help small businesses. Those offerings include Money Market Savings and OneBusiness Interest Checking accounts. OneWest also lets clients apply for equipment financing via its parent company, CIT, as well as its national Small Business Solutions arm.
In separate news, a J.D. Power survey suggests small businesses have started to embrace mobile banking. The J.D. Power 2019 U.S. Small Business Banking Satisfaction Survey registered an 8 percent year-over-year increase in the percentage of small businesses that use the mobile banking app of their banks.
J.D. Power’s research also discovered a 20 percent year-on-year increase in satisfaction ratings across all small business banking experience aspects analyzed. Approximately two-thirds of small businesses that tap in the mobile app of their bank indicate they “definitely will” use their bank for another offering, in contrast to only 53 percent among small businesses that don’t tap into mobile banking as of now.
Small business mobile banking adoption is now at a higher rate than it is in the retail banking space, according to the survey.