A user-centric approach which allows customer firms’ executives to choose their own device is fundamental to a bank’s success in mobile corporate banking services and should be a key component in every bank’s omnichannel strategy, according to Mobey Forum.
In a white paper produced by the group, which focuses on mobile banking services, Mobey Forum discusses key findings and takeaways from a survey of 79 banks from around the world.
All of the participating banks confirmed their desire to offer mobile corporate banking services, with some 80% intending to introduce these services to corporate customers within the next 12 months.
Despite these bold intentions, the survey also highlighted a variety of barriers inhibiting the industry’s ability to go to market. Difficulty in identifying use cases, coupled with a lack of in-house knowledge and budget, were reasons cited as key barriers to rollout. Also a factor: difficulties faced in identifying across-the-board use cases that would drive service uptake across their corporate customer base.
Mercator Advisory Group research has uncovered similar opportunities via mobile devices in both the corporate and small business spaces. Such solutions are often extensions and expansions of solutions initially offered in retail banking, but modified and expanded to meet the needs of businesses. Examples include access to multiple DDA and credit card accounts, the use of mobile remote deposit capture (MRDC, offered in addition to traditional, scanner-based remote deposit capture (RDC), and other solutions that can capture, categorize, and track account information and spending trend.
Overview by Ed O’Brien, Director, Banking Channels Advisory Service at Mercator Advisory Group
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