Mobile banking and small businesses

The 28 million small US companies are far from reaching the attention of mobile banking. Some FinTechs have identified the existing gaps in this market. For example, the UK start-up Monizo opens the first targeted mobile application only to freelancers. It includes a bank billing system to receive payment notifications in a timely manner, the ability to enter and store monthly invoices and receipts, as well as features specific to the freelance activity, such as time tax calculations Financial planning of mortgages and pensions.

This example clearly demonstrates how the technology available today can help companies create a well-tailored customer experience. The fact that Monizo has the potential to attract and retain 5.4 million followers in the UK shows that the decision to develop this client-specific mobile application for the self-employed is well founded. The banks could follow this example and propose a strong mobile banking application for small businesses.

Strengthening security

Companies are committed to protecting their sensitive data, suspicious activity notifications, and access control.

Ensure time-saving functions

Professional users are often multitasking. In addition, mobile banking applications prove to be more convenient than online banking.

Provision of relevant services, including loans

Companies expect services that facilitate electronic money transfers, such as transaction approvals, remote check deposit or positive payment that prevents the forgery of checks. Small business owners will also appreciate the ability to request and manage loans when they may have cash gaps to cover.

A streamlined reporting system

Business owners expect that tools such as mobile banking help their decision making in a timely manner. As a result, mobile banking solutions should include alerts and notifications on reaching an overdraft limit, payment due dates, low balance, and so on.

Making things easy

Owning a single account for both personal and commercial purposes can be cumbersome for further accounting and taxation. Separate accounts, on the other hand, give clients a better idea of ​​their business activities and help avoid mixed spending.

Given the number of small businesses in the US, the need to create an attractive mobile banking for this customer segment is absolutely obvious. See as well

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