When you own a small business with limited resources and a long list of to-do's, keeping up with the latest in banking technology may seem like a low priority. Mobile banking has a significant impact on your business's costs, cash flow, and ability to attract, serve and retain customers now and in the future. Here's a look at why mobile banking is the future and how its continued evolution will impact your business.
\r\nAccording to data collected by Cellum Group, 41% of iPhone users have used their mobile devices to conduct at least one mobile payment transaction.
\r\nAs consumers repeatedly hear of large-scale data breaches at popular corporations and leading financial institutions, concerns about payment technology and transaction security will heighten. According to a research report from Aite Group, the mobile environment offers more robust security against cybercriminals and \"traditional\" identity thieves than online channels.
\r\nAs a result, it predicts that financial institutions and merchants will become more aggressive about integrating mobile apps into sales channels, and incentivizing consumers to leverage the higher-transaction security that mobile offers. As a small business, you can offer consumers the same level of protection by processing mobile payments through a secure payment processor, and/or incorporating such a processor’s environment into your business’s own native app.
\r\nMobile banking is a cost-efficient way for small businesses to manage daily finances, process transactions and grow business. As The New York Post recently reported, it's a win-win for financial institutions and business owners. Not only do small business owners who use mobile banking have more money in their accounts, they use more of their financial institution's products and services.
\r\nWhen small business owners deposit checks using a mobile device and app, in tandem with processing customer payments via a mobile payment processor, they expedite access to cash flow, while eliminating the cost and inefficiency associated with traditional paper-based banking processes.
\r\nMobile banking has even simplified the process of finding small-business funding. In a Fox Business article, Rohit Arora, co-founder and CEO of an online lending resource says that mobile small-business loan applications have risen from 25% to 40% today in just a year.
\r\nWhen mobile banking is used by a business, the process of validating payments is often quicker and easier. This is because mobile banking eliminates the need of going to your bank or waiting for monthly statements to arrive to verify transactions; instead, all transactions can be seen immediately online.
\r\nIf you have a problem with your business account after business hours, you don't have to wait until the bank is open to speak to a representative, because there is usually a customer service help desk available to help with resolving issues. The mobile options for banking customer service vary, but you can generally call, send an email or click on chat to message a representative.
\r\nOne of the best benefits of mobile banking for businesses is that you have access to funds at all times, so you can transfer funds from one account to another account with the same or similar bank. You also can send funds to vendors through a transfer or you can provide customer refunds without speaking to a representative in person.
\r\nBusiness owners are usually busy, so time is valuable. Mobile banking allows you to pay your business bills online, including memberships, utilities and vendor statements. This option saves time that would otherwise be spent writing and mailing checks.
\n","docType":"article","guid":"articles_7d8c17e1aa0eb13122204053c779a375","lastModified":"2020-04-21T19:30:00.000Z","published":"2015-01-23T20:00:00.000Z","structuredData":null,"subtitle":"Mobile continues to be the name of the game and will soon become a required function for your business.","template":"v1","title":"Why Mobile Banking Is The Future","type":"article","author":{"avatar":null,"bio":"The purpose of our community is to connect small business owners with experienced industry experts who can address their questions, offer direction, and share best practices.","name":"business.com editorial staff","image":null,"slug":null,"social":{"facebook":"","linkedin":"https://www.linkedin.com/company/business-com-/","twitter":"https://twitter.com/businessdotcom","website":"https://www.business.com/"},"status":"enabled","title":null,"type":"Old BDC Member","user":{"imagePath":"https://staging.business.com/images/uploads/user/profile/b14a2c1fa0158a2f46854597139a2067ee8ef.jpg","profile":{"company":"","jobTitle":"","website":"https://www.business.com/"}}},"breadcrumbs":null,"channels":{"primary":{"name":"Finance","slug":"finance"},"sub":{"name":"Funding","slug":"funding"}},"meta":{"robots":"index, follow","description":"'Mobile' continues to be the name of the game. Find out why mobile banking is going to soon become a required function for your business.","title":"Why Mobile Banking Is The Future - business.com"},"parsedContent":{"toc":[{"id":"consumers-expect-the-ability-to-pay-with-a-mobile-device","title":"Consumers expect the ability to pay with a mobile device."},{"id":"benefits-of-mobile-banking-for-business","title":"Benefits of mobile banking for business"},{"id":"mobile-banking-provides-cost-efficiency-for-small-businesses","title":"Mobile banking provides cost efficiency for small businesses"},{"id":"quick-validation-of-payments-from-buyers","title":"Quick validation of payments from buyers"}],"json":[{"component":"ul","children":[{"component":"li","children":["Mobile banking is ideal for businesses searching for secure institutions to hold their money, pay the interest, and provide the same services as brick-and-mortar banks; all done instantly and remotely."]},{"component":"li","children":["Mobile banking is thought to be as, if not more secure, and risk-free than in-person banking."]},{"component":"li","children":["There are many benefits of mobile banking for businesses including saving time, having instant validity of a purchase, transferring money, paying bills, and having access to bank statements 24-hours a day."]}]},{"component":"p","children":["When you own a small business with limited resources and a long list of to-do's, keeping up with the latest in banking technology may seem like a low priority. Mobile banking has a significant impact on your business's costs, cash flow, and ability to attract, serve and retain customers now and in the future. Here's a look at why mobile banking is the future and how its continued evolution will impact your business. "]},{"component":"h2","props":{"id":"consumers-expect-the-ability-to-pay-with-a-mobile-device"},"children":["Consumers expect the ability to pay with a mobile device."]},{"component":"p","children":["According to ",{"component":"a","props":{"href":"http://www.mobilepaymentstoday.com/static_media/filer_public/ed/94/ed94e964-51a0-4569-a0db-8d5c56002816/mobilepayment2015-infographic.pdf","target":"_blank","rel":"nofollow"},"children":["data collected by Cellum Group"]},", 41% of iPhone users have used their mobile devices to conduct at least one mobile payment transaction."]},{"component":"h2","props":{"id":"benefits-of-mobile-banking-for-business"},"children":["Benefits of mobile banking for business"]},{"component":"p","children":["As consumers repeatedly hear of large-scale data breaches at popular corporations and leading financial institutions, concerns about payment technology and transaction security will heighten. According to a ",{"component":"a","props":{"href":"http://aitegroup.com/aite-group-sees-evolving-mobile-banking-apps-potentially-providing-more-security-provision-online","target":"_blank","rel":"nofollow"},"children":["research report from Aite Group"]},", the mobile environment offers more robust security against cybercriminals and \"traditional\" identity thieves than online channels."]},{"component":"p","children":["As a result, it predicts that financial institutions and merchants will become more aggressive about integrating mobile apps into sales channels, and incentivizing consumers to leverage the higher-transaction security that mobile offers. As a small business, you can offer consumers the same level of protection by processing mobile payments through a secure payment processor, and/or incorporating such a processor’s environment into your business’s own native app."]},{"component":"h2","props":{"id":"mobile-banking-provides-cost-efficiency-for-small-businesses"},"children":["Mobile banking provides cost efficiency for small businesses"]},{"component":"p","children":["Mobile banking is a cost-efficient way for small businesses to manage daily finances, process transactions and grow business. As ",{"component":"a","props":{"href":"http://nypost.com/2014/02/22/mobile-banking-is-huge-for-small-businesses/","target":"_blank","rel":"nofollow"},"children":["The New York Post"]}," recently reported, it's a win-win for financial institutions and business owners. Not only do small business owners who use mobile banking have more money in their accounts, they use more of their financial institution's products and services."]},{"component":"p","children":["When small business owners deposit checks using a mobile device and app, in tandem with processing customer payments via a mobile payment processor, they expedite access to cash flow, while eliminating the cost and inefficiency associated with traditional paper-based banking processes."]},{"component":"p","children":["Mobile banking has even simplified the process of finding small-business funding. In a ",{"component":"Link","props":{"href":"http://smallbusiness.foxbusiness.com/finance-accounting/2013/10/29/mobile-banking-is-future-small-business-finance/","target":"_blank"},"children":["Fox Business article"]},", Rohit Arora, co-founder and CEO of an online lending resource says that mobile small-business loan applications have risen from 25% to 40% today in just a year."]},{"component":"h2","props":{"id":"quick-validation-of-payments-from-buyers"},"children":["Quick validation of payments from buyers"]},{"component":"p","children":["When ",{"component":"a","props":{"href":"https://investinganswers.com/dictionary/m/mobile-banking","target":"_blank","rel":"nofollow"},"children":["mobile banking"]}," is used by a business, the process of validating payments is often quicker and easier. This is because mobile banking eliminates the need of going to your bank or waiting for monthly statements to arrive to verify transactions; instead, all transactions can be seen immediately online."]},{"component":"h3","children":["24-hour customer assistance"]},{"component":"p","children":["If you have a problem with your business account after business hours, you don't have to wait until the bank is open to speak to a representative, because there is usually a customer service help desk available to help with resolving issues. The mobile options for banking customer service vary, but you can generally call, send an email or click on chat to message a representative."]},{"component":"h3","children":["Transferring and sending money"]},{"component":"p","children":["One of the best benefits of mobile banking for businesses is that you have access to funds at all times, so you can transfer funds from one account to another account with the same or similar bank. You also can send funds to vendors through a transfer or you can provide customer refunds without speaking to a representative in person."]},{"component":"h3","children":["Pay business bills online"]},{"component":"p","children":["Business owners are usually busy, so time is valuable. Mobile banking allows you to pay your business bills online, including memberships, utilities and vendor statements. This option saves time that would otherwise be spent writing and mailing checks."]}]},"resource":null,"sponsorship":{"sponsorType":"","name":null,"thumbnail":null,"bio":null,"slug":null,"status":null,"social":{"website":null,"linkedin":null,"twitter":null,"facebook":null}},"thumbnail":{"path":"https://staging.business.com/images/content/5e9/8b7345a215e97018b4569/1500-0-","caption":"Utah778 / Getty Images","isBlurred":false},"bestPicks":null},"related":{"relatedArticles":[{"title":"Why Mobile Banking Is The Future","canonical":"https://www.business.com/articles/why-mobile-banking-is-the-future/","slug":"why-mobile-banking-is-the-future","thumbnail":"https://www.business.com/images/content/5e9/8b7345a215e97018b4569/1500-0-","dek":"Mobile continues to be the name of the game and will soon become a required function for your business.","lastModified":"2020-04-21T19:30:00Z","published":"2015-01-23T20:00:00Z","sponsored":false},{"title":"Digital Wallet: The Future of Pay, and Why You Should Care","canonical":"https://www.business.com/articles/digital-wallet-the-future-of-pay-and-why-it-matters/","slug":"digital-wallet-the-future-of-pay-and-why-it-matters","thumbnail":"https://www.business.com/images/channel/business-basics.jpg","dek":"Get up to speed with the future: the digital wallet.","lastModified":"2015-02-23T16:00:00Z","published":"2015-02-23T16:00:00Z","sponsored":false},{"title":"Your Guide to Creating a Small Business Marketing Plan","canonical":"https://www.business.com/articles/sample-marketing-plan-outline-and-template/","slug":"sample-marketing-plan-outline-and-template","thumbnail":"https://www.business.com/images/content/5f3/3e1765a215eb62d8b4567/1500-0-","dek":"Follow these templates and guidelines to get started on creating your business's marketing plan.","lastModified":"2020-08-12T12:28:00Z","published":"2018-03-02T13:00:00Z","sponsored":false},{"title":"5 Money Management Tips For Any Business Owner","canonical":"https://staging.business.com/articles/5-money-management-tips-for-any-business-owner/","slug":"5-money-management-tips-for-any-business-owner","thumbnail":"https://staging.business.com/images/content/550/096ee3187b12c538b45cc/1500-0-","dek":"As a SMB owner, it's natural to worry about money management and having enough funds. Here are helpful tips that can benefit any small biz.","lastModified":"2015-03-11T20:00:00Z","published":"2015-03-11T20:00:00Z","sponsored":null},{"title":"Is Fingerprinting the Next Mobile Security Option?","canonical":"https://staging.business.com/articles/is-fingerprinting-the-next-mobile-security-option/","slug":"is-fingerprinting-the-next-mobile-security-option","thumbnail":"https://staging.business.com/images/content/553/ed1d03187b1920e8b4567/1500-0-","dek":"Passwords aren't as safe as they used to be, but will they be replaced by fingerprinting? The security is in the hands of the customer.","lastModified":"2015-04-28T15:00:00Z","published":"2015-04-28T15:00:00Z","sponsored":null},{"title":"Digital Wallet: The Future of Pay, and Why You Should Care","canonical":"https://staging.business.com/articles/digital-wallet-the-future-of-pay-and-why-it-matters/","slug":"digital-wallet-the-future-of-pay-and-why-it-matters","thumbnail":"https://staging.business.com/images/content/54e/ac1bf3187b139748b45a5/1500-0-","dek":"We'll soon be forgetting that Benjamin Franklin is on the U.S. hundred dollar bill. Get up to speed with the future: the digital wallet.","lastModified":"2017-02-22T23:55:33Z","published":"2015-02-23T16:00:00Z","sponsored":null},{"title":"Peace Out, Paper: A Cashless Society Is on the Horizon","canonical":"https://www.business.com/articles/a-cashless-society-is-on-the-horizon/","slug":"a-cashless-society-is-on-the-horizon","thumbnail":"https://www.business.com/images/content/5ea/9c70b9c658aef018b456e/1500-0-","dek":"The days of paper currency are numbered; going paperless is trending not just in the U.S., but all over the world.","lastModified":"2020-05-01T20:31:00Z","published":"2015-01-28T16:00:00Z","sponsored":false},{"title":"Earth Day Aspirations: Saving Money While Saving the Environment","canonical":"https://www.business.com/articles/earth-day-aspirations-saving-money-while-saving-the-environment/","slug":"earth-day-aspirations-saving-money-while-saving-the-environment","thumbnail":"https://www.business.com/images/content/5d1/12fda5a215ee06f8b457e/1500-0-","dek":"What if being environmentally conscious could actually save you money? Find out why all signs are pointing towards going green.","lastModified":"2015-04-22T13:00:00Z","published":"2015-04-22T13:00:00Z","sponsored":false},{"title":"Peace Out, Paper: A Cashless Society Is on the Horizon","canonical":"https://staging.business.com/articles/a-cashless-society-is-on-the-horizon/","slug":"a-cashless-society-is-on-the-horizon","thumbnail":"https://staging.business.com/images/content/54c/8fd592f87b1f4068b45b3/1500-0-","dek":"The days of paper currency are numbered; going paperless is trending not just in the U.S., but all over the world.","lastModified":"2019-07-31T20:58:00Z","published":"2015-01-28T16:00:00Z","sponsored":null},{"title":"5 Technology Trends That Have The Power to Change Your Business","canonical":"https://staging.business.com/articles/5-technology-trends-that-have-the-power-to-change-your-business/","slug":"5-technology-trends-that-have-the-power-to-change-your-business","thumbnail":"https://staging.business.com/images/content/554/06cd13187b1413d8b4570/1500-0-","dek":"If you want your business to survive in the technological world we live in, you’re going to need to keep up with these technology trends.","lastModified":"2017-02-23T00:00:01Z","published":"2015-04-29T18:00:00Z","sponsored":null},{"title":"Let It All Hang Out: How Open Books Could Change Your Business for the Better","canonical":"https://staging.business.com/articles/let-it-all-hang-out-how-open-books-could-change-your-business-for-the-better/","slug":"let-it-all-hang-out-how-open-books-could-change-your-business-for-the-better","thumbnail":"https://staging.business.com/images/content/552/bfaa53187b1ba7e8b461f/1500-0-","dek":"Is your a company an open book? It seems like a crazy idea to publicize your finances, but here's why it can help your business overall.","lastModified":"2015-04-13T17:00:00Z","published":"2015-04-13T17:00:00Z","sponsored":null},{"title":"Uncovering New Revenue Streams Through Data, Predictive Analytics and Personalization","canonical":"https://www.business.com/articles/uncovering-new-revenue-channels-through-data-predictive-analytics-and-personalization/","slug":"uncovering-new-revenue-channels-through-data-predictive-analytics-and-personalization","thumbnail":"https://www.business.com/images/channel/technology.jpg","dek":"Complacency is the one of the leading causes for failed businesses. Stay hungry, push into new territories and uncover new revenue streams.","lastModified":"2015-03-19T17:44:00Z","published":"2015-03-19T17:44:00Z","sponsored":false}],"relatedReviews":[{"doc_type":"category","thumbnail":"https://staging.business.com/images/rz/5e46e2fc5a215eab4d8b457c/taxes_pano_Prostock-Studio_getty.jpg","canonical":"https://staging.business.com/categories/best-tax-debt-relief-services/","title":"The Best Tax Debt Relief Services of 2021","dek":"Looking for the best tax debt relief service? We have easy-to-read, unbiased expert reviews and feature comparisons of the best and cheapest services.","slug":"best-tax-debt-relief-services","lastModified":"2021-03-23T20:42:00Z"},{"doc_type":"category","thumbnail":"https://staging.business.com/images/rz/5dfbca819c658adc118b4568/Payroll_AndreyPopov_Getty.jpg","canonical":"https://staging.business.com/categories/online-payroll-services/","title":"The Best Online Payroll Services of 2021","dek":"Our team has compared the best online payroll services for 2021. See up-to-date reviews and costs for the top services.","slug":"online-payroll-services","lastModified":"2021-03-19T20:05:00Z"},{"doc_type":"category","thumbnail":"https://staging.business.com/images/rz/5df3d8695a215e58428b4570/POS_GETTY_DERO2084.jpg","canonical":"https://staging.business.com/categories/best-pos-systems/","title":"The Best POS Systems of 2021","dek":"Before you choose a POS system, check out our reviews of the best picks for 2021. ","slug":"best-pos-systems","lastModified":"2021-03-17T17:33:00Z"}],"relatedSponsoredArticles":null}},"pageContext":{"displayModified":"2020-04-21T19:30:00.000Z","template":"v1","title":"Why Mobile Banking Is The Future","meta":{"robots":"index, follow"},"docType":"articles","slug":"why-mobile-banking-is-the-future","canonical":"https://staging.business.com/articles/why-mobile-banking-is-the-future/","skipTOC":false}},"staticQueryHashes":[]}