Overhauling Mobile Banking for Small Business
- Date:December 15, 2016
- Author(s):
- Ian Benton
- Jacob Jegher
- Report Details: 29 pages, 13 graphics
- Research Topic(s):
- Small Business
- Digital Banking
- PAID CONTENT
Overview
Smartphone and tablet use has finally become the norm for small businesses, and more than half of all business owners have adopted mobile banking. But most of today’s small businesses are monitoring and managing their money using a mobile experience that is stuck in the past. That represents a critical and timely opportunity for banks and credit unions to develop a mobile offering designed to meet the specific needs of the highly lucrative small business banking market. In this report, Javelin examines the current state of the mobile channel in handling the banking and payments tasks of small business customers, outlines eight areas of opportunity for immediate development, explores the specific roles of smartphones and tablets, and discusses strategies for encouraging holdouts to try banking through a mobile device.
Key questions discussed in this report:
- How many small business owners are using mobile banking, and how does it relate to online banking, branch, and other channels?
- What kinds of transactions are customers conducting on smartphones vs. tablets, and what are the optimal roles of those devices?
- What mobile features would have the greatest impact on helping customers monitor and manage their money and increasing engagement with the FI?
- How can banks and credit unions shift expensive branch transactions to digital channels by encouraging holdouts to try mobile banking?
Companies Mentioned: Amazon, American Express, Apple, Capital One, Chase, Google, Microsoft, PNC, RIM, Wells Fargo
Methodology
The small business data in this report is based on information collected in a random-sample panel consisting of 1,000 small and micro businesses in a February 2016 online survey. Javelin defines microbusinesses as those with annual revenue between $100,000 and $1 million and small businesses as those with revenue between $1 million and $10 million.
The consumer data in this report is based on information collected a random-sample panel of 10,639 consumers in a May 2016 online survey.
Learn More About This Report & Javelin
Related content
Tap to Pay Brings Mobile Payment Acceptance to the Banking App
Chase and TD Bank are blazing the trail for financial institutions to build mobile tap-to-pay technology into their banking apps to enable microbusinesses, sole proprietors, and fr...
Mapping Out the Generative AI Future at Three Large Fintechs
Over the past five years, Javelin Strategy & Research has persistently raised the alarm about the escalating influence of three dominant fintech platforms—Intuit, Block, and PayPal...
Customer Service Upgraded: Four Ways Digital Can Make Small-Business Banking Human Again
For small-business owners, banking is not just a series of transactions but also a pivotal part of their long-term business strategy and growth. They seek a banking partner that un...
Make informed decisions in a digital financial world