Corporate mobile banking: ‘On the go’

Abstract

Whereas mobile banking has long focused on the consumer and retail market, banks have been hesitant to implement corporate mobile banking solutions. To date, only a small number of banks and some specialist providers have engaged in the corporate mobile space. Defining the use case for corporate clients has been one of the main bottlenecks. But this is rapidly changing. The need for anytime, anyplace access to various banking services is now becoming manifest in corporate life. As companies continue to invest in the latest devices, especially tablets, the outlook seems positive for corporate mobile banking. Although corporate mobile banking is still at an immature stage, studies predict that corporate mobile banking will rapidly take off and will increasingly become a critical channel for corporate clients as a means of accessing financial services and making financial decisions. There is a greater urgency for banks to embrace mobile payment facilities for corporates because of the threat posed by fast-moving contenders. Banks are beginning to realise the full potential of this nascent mobile sector. Mobile propositions in the corporate market by non-bank suppliers are also beginning to emerge. As demand continues to grow, banks will need to respond quickly by creating new and innovative mobile services for their corporate customers. Over the next two years, therefore, there will be a raft of new mobile services in core treasury processes coming to the market. Banks that are first movers in this area have a competitive advantage.