Mobile banking trends for small businesses
Part 2 of a 3-part series about mobile banking. Watch for the final part next month.
As a small business owner, your time is precious. According to a recent report from Raddon Financial Group, a great way to get a few moments back into your day is already in your pocket: your mobile phone.
Fifty-two percent of businesses with annual revenue up to $10 million are turning to mobile banking for account management — and the overall percentage of mobile banking use is growing. The Federal Reserve's report "Consumers and Mobile Financial Services 2016" showed a 4 percent growth of mobile banking from the previous year. Younger business owners find mobile banking even more important, with Raddon Financial Group reporting that 68 percent of millennial business owners banking on their mobile device. So, why should you join in?
You can bank on your own time. Small businesses are winning time back each week by banking on their phone instead of driving to the branch. Eighty percent of small businesses that use mobile banking state that it saves them a significant amount of time. From quick account transfers to convenient bill pay, small businesses are able to manage their day-to-day banking on their own timeline.
One of the biggest advantages of mobile banking is mobile deposit. Nearly half of all mobile banking users reported depositing a check on their phone in the past year. Small businesses can also take advantage of the time-saving technology and avoid lines at the branch.
You'll keep a closer eye on your finances. Not only do mobile banking apps allow you to bank on your own schedule, but they've been proven to improve the overall management of accounts. Think it's confined to just mobile banking? Actually, Raddon Financial Group states that 45 percent of small businesses taking part in the mobile banking movement also logged more time managing their accounts using online banking. With multiple platforms to access your account, many small businesses are able to log in and keep track of their finances wherever and whenever it's convenient.
Banking is personal once more. Raddon Financial Group reports that when small businesses used mobile banking, their overall satisfaction with their financial institution increased. Many mobile banking apps allow you to personalize alerts from your bank to notify you of account transfers, payments and more. In fact, according to the Federal Reserve, most who receive alerts on mobile banking have reported taking action in response, such as reducing their spending or depositing money into an account with a low balance.
Are you ready to join the small businesses that use mobile banking? Learn more about CBT Business Mobile Banking app and download the app directly to your mobile device from the Apple® App Store℠, the Google Play™ Store and the Amazon® Store for the Kindle Fire™ Tablet.