According to the research, which was carried out by global transaction banking services company Fundtech and financial research firm Aite Group, two-thirds of surveyed businesses at least somewhat likely to use mobile corporate banking services to perform basic transactions such as checking balances or transferring funds. Furthermore, over 40 percent of respondents described themselves as likely or very likely to do so. Even more importantly, over 55 percent of treasurers expressed interest in performing more advanced functions such as approving transactions and initiating payments via a mobile device.
Mobile banking technology has primarily been offered to the consumer/retail channel but survey results indicate that corporate mobile banking presents a new, untapped opportunity for banks.Interestingly, approximately 49 percent of businesses are willing to pay for the convenience of mobile cash management capabilities, pointing toward the ability for banks to generate fee-based revenues to cover some of the cost associated with this kind of technology investment.
The “Business Case for Offering Corporate Mobile Banking Services” report is based on an October 2010 survey of over 300 treasury executives worldwide.
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