American consumers have fallen for mobile banking apps, but up to now, most businesses were not seemingly showing apps the same love.
With the number of mobile banking customers now outnumbering those who bank at branches for the first time, consumers have warmly embraced banking via mobile apps. Despite that, the vast majority of American companies, particularly small businesses, have yet to adopt mobile financial management apps.
For November’s Digital Banking Tracker™ cover story, PYMNTS caught up with Dave Potterton, director of business banking at NCR, to discuss the state of mobile business banking, the company’s new solution and what he sees in the future for business customers.
More than 50 percent of consumers surveyed reported they preferred mobile business banking to in-person transactions because they wanted to be able to check their balances on-demand, which most mobile banking apps allow. Fifty-eight percent said they used the apps to manage their bank accounts. These customers are also largely pleased with these mobile apps, with more than three-quarters of customers saying they are “highly satisfied” with their banking apps.
Potterton noted that many of these features and attributes that attract these consumers appeal to the needs of many commercial customers.
However, Potterton also acknowledged that, while some aspects of consumer banking solutions may appeal to businesses, many merchants and corporations need a different set of tools than consumers.
“I think companies want to use a solution like this for the same reason regular customers do — to be able to look at balances or get info about their account whenever they want,” he said. “But there’s also that next level, where businesses need things that consumers don’t.”
Around the Digital Banking world
There was a little more collaboration and a little less competition in the digital banking space this month as several banks announced new partnerships with tech providers. For example, two French banks — BNP Paribas and Crédit Mutuel — announced plans to work with a network of retailers to develop a mobile app for customers.
Meanwhile, Mitek and Backbase said they would work together to integrate identity verification software. Bill.com and QuickBooks also entered into a new partnership, debuting a service that will offer online bill pay and faster payment options for small business owners.
The November edition of the Digital Banking Tracker™ features the latest news and analysis across the FinTech and consumer banking space, along with the rankings of 256 players in the industry — including 10 new profiles — for their readiness to seize this new banking reality.
To download the November edition of the Digital Banking Tracker™, click the button below.
About The Tracker
The PYMNTS Digital Banking Tracker™ brings you the latest news, research and expert commentary from the FinTech and consumer banking space, along with the rankings of 256 companies serving or powering the digital banking sector.