Mobile banking future

Mobile banking is the future: benefits to business

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Mobile banking is perfect for companies looking to keep their money safe, pay interest, and offer the same services as brick-and-mortar banks; all done instantly and remotely.

Mobile banking is considered to be as, if not more safe, and risk-free than banking in person.

There are many advantages for companies from mobile banking, including time savings, instant transaction validity, money transfer, bill payment, and 24-hour access to bank statements.

If you own a small business with minimal capital and a long list of to-do’s, it can seem like a low priority to keep up with the latest in banking technology.

Mobile banking has a huge effect on the costs, cash flow and ability of your company to attract, support and maintain clients now and in the future.

Here’s a look at why mobile banking is the future, and how it will affect your business with its continued evolution.

41 percent of iPhone users used their mobile device to make at least one mobile payment transaction, according to data obtained by Cellum Group.

Why is Mobile banking beneficial to my business

When customers learn regularly about large-scale data breaches at major companies and leading financial institutions, questions about payment systems and protection for transactions will increase.

The mobile ecosystem provides more robust protection against cyber criminals, and “traditional” identity breaches than online platforms, according to an Aite Group research study.

As a result, it predicts that financial institutions and retailers will become more proactive when it comes to incorporating mobile applications into sales channels and enabling customers to exploit the higher security of mobile transactions.

As a small business, you can give consumers the same level of security by processing mobile payments through a secure payment processor and/or integrating the environment of such a processor into your own native app

Mobile banking provides small businesses with cost flexibility

 

Mobile banking is a cost-effective way for small businesses to handle day-to-day budgets, process transactions and expand business.

It’s a win-win for financial institutions and business owners, as The New York Post recently reported.

While only do small business owners who use mobile banking have more money in their accounts, they also make better use of the goods and services of their financial institution.

If small business owners deposit checks using a mobile computer and app in combination with processing consumer payments through a mobile payment system, they increase access to cash flow while reducing the costs and inefficiencies associated with conventional paper-based banking processes.

Mobile banking has also streamlined the process of obtaining financing for small businesses.

Rohit Arora, co-founder and CEO of an online lending platform, says in a Fox Business report that applications for mobile small business loans have risen from 25 per cent to 40 per cent in just one year today.

Fast authentication of payments from customers

The process of validating payments is often quicker and easier when a business uses mobile banking.

This is because mobile banking eliminates the need to go to your bank or wait for monthly statements to arrive to verify transactions; instead, you can see all transactions online right away.

24-hour customer support

If you have a problem with your business account after business hours, you don’t have to wait until the bank is open to a representative, because normally there is a customer service assistance desk available to help solve issues.

The mobile customer service solutions for banking differ but usually you can dial.

Move and send money

One of the biggest benefits for companies with mobile banking is that you have access to funds at all times, so you can transfer funds from one account to another with the same bank or similar.

You also can send funds to vendors through a transfer or you can provide customer refunds without speaking to a representative in person.

 

Pay business bills online

Business owners are usually busy, so time is valuable. Mobile banking provides you with the ability to pay electronically your company bills including memberships, insurance and sales statements.

This alternative would save time otherwise spent writing and mailing checks.

Komolafe Timileyin is a passionate entrepreneur that loves to solve entrepreneurial issues. He is also a blogger and an upcoming Engineer.

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