Mobile Banking For Business
The corporate mobile banking market might hold potential for credit unions wanting to push the envelope on business services.
A new report from the Aite Group said businesses around the world are interested in cash management via mobile but that very few banks offer it.
The Boston-based research and advisory firm said it surveyed more than 300 treasury executives around the world and found that only about 4% currently use mobile banking services from their financial institutions, and most of them are small businesses.
But about two-thirds said they would be at least "somewhat likely" to use mobile banking for basic transactions if it was offered, and 43% said they would be "likely" or "very likely."
More than half also said they would be interested in advanced functions such as approving wire and payroll batch transactions.
"Mobile corporate banking is still in its infancy and a first-mover advantage exists for any institution launching an initiative capable for addressing the unmet market need for corporate mobile banking," said report author Christine Barry.