Mobile Banking: It’s Not a Phase

Mobile banking innovation continues to move forward as the need for mobile based applications becomes a “must have” for businesses. Whether it is basic banking functionality, such as checking an account balance, or the ability to deposit a check via remote capture, mobile banking apps are enhancing the customer’s everyday banking experience.

A recent Barlow Research report noted that 43 percent of middle market companies and 45 percent of small businesses are interested in mobile banking. Barlow noted, “interest in mobile jumped considerably over the past year in the middle market segment (up 10 percent from 33 percent).”

Companies including Wells Fargo, Fiserv and Intuit, among others, are all standing behind mobile banking as a valuable channel for reaching customers. Barlow Research spoke with Nadilee Russell, SVP Business Solutions at Intuit Financial Services who said, “Business people, regardless of company size, are constantly on the go so they want tools to help them manage time-sensitive cash, payment and fraud prevention decisions from wherever they are, whenever…Staying connected is a key reason the mobile channel shows tremendous growth potential and may surpass online as the primary way some customers interact with their bank.”

Does your FI offer mobile banking? Have you seen higher adoption of mobile banking applications in the last year? Let us know in the comments section below.

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