Mobile Banking in Business

As High Street banks and other account providers have embraced digital technologies, business owners and directors have benefited from greater mobile account access, now being able to view their accounts 24/7, whenever they have access to the internet. And today, smartphones and tablets are so convenient to use that they’re fast becoming the preferred way to access business bank account information and features ¹  ahead of a visiting a branch, or desktop online banking.

What Features are Available to Businesses?

Many account providers throughout the UK are now providing apps that enable business account customers to quickly carry out all sorts of tasks. You can check account balances to ensure you’ve enough money to make that important business purchase or pay any supplier bills whilst on the move, to avoid late payment fees. You can even transfer funds between your business accounts without having to waste time visiting a bank branch or going back to the office to manage money. And one or two apps even enable you to safely store documents online, such as invoices or receipts that will come in useful when completing a VAT return.

If you’d like to benefit from mobile banking services, you don’t need to look exclusively to the High Street, because some online banks and prepaid account providers also offer businesses banking apps.

The Future of Mobile Banking

A massive leap in demand is predicted for business banking apps as people realise how mobile banking can make transactions and account management more efficient ². New apps are frequently being developed and the mobile banking sector is seeing some exciting innovations.

Barclays are planning to introduce remote deposit capture. With this app, you just take a shot of the cheque that you’d like to deposit and then forward the image to your account and the ‘digital image cheque’ is ready to be processed. So in the future, you could deposit cheques without having to set foot in a bank.

And, smart phone owners could also soon be able to take a shot of an expense card statement or supplier’s bill and pay it by simply sending in the image to the account provider. ³

Are Apps Needed by Account Providers to Remain Competitive?

Just as mobile banking apps have become hugely popular with consumers, they’ll no doubt become adopted by many businesses, especially those that have a mobile sales force and will find it useful to carry out transactions on the go. Some businesses will inevitably find mobile banking apps more useful than others, so they’ll be naturally drawn to account providers that provide mobile apps that are relevant to them.

Not every business will find mobile banking apps useful, but to be seen as a serious player in the business account arena, offering mobile apps will probably become essential.

Sources: 
1: http://www.sbnonline.com/component/k2/12-los-angeles-editions/26870#.U3x4mv2YaUk (June 2013)
2: http://www.banktech.com/channels/is-mobile-banking-ready-for-business/240148259 (February 2013)
3: https://www.gov.uk/government/news/new-proposals-to-make-cheque-depositing-easier-and-quicker-to-be-unveiled (December 2013)