TRY FOR FREE

How Mobile Banking Wins the Loyalty of Small Businesses

Personal mobile banking has already created a stir, reaching 43% of active users in 2015 (FED). While customers have warmly welcomed this new convenient way of handling daily banking operations, little emphasis is actually made on small businesses. It seems the mobile revolution has yet to reach this market segment. As reported by Aite Group, only 32% of more than 1,000 US companies indicated they used mobile banking services. Why is the engagement of businesses in using online mobile banking that low? With over 28 million small businesses across the country, banks are losing a significant opportunity to win the loyalty of this considerable customer segment.

Small businesses remain underserved

Banks must be ready to meet the changing needs and expectations of small-business owners, taking into account that more than half of them (56%) consider technological innovations when choosing a financial institution (Raddon Small Business Nationa ...

To continue reading, sign up for MEDICI Inner Circle and get free access for 30 days.
100,000+ FinTech professionals trust MEDICI Inner Circle to stay up to date on the latest in financial services.

RECOMMENDED