Payment technology

Report: Small banks underserved in mobile banking market

Money Phone MobileA report released last week by the Aite Group revealed that small businesses around the country remain underserved by mobile banking offerings, many of which are rebranded versions of consumer mobile banking apps.

According to the study, 51 percent of surveyed businesses ranked the availability of mobile banking offerings as “important” or “very important.” Only 32 percent of small businesses use mobile banking, but 31 percent said they planned to adopt the technology next year.

The Aite Group said banks should consider offering enhanced small-business-specific mobile banking products and services for both smartphones and tablets, which the group said could encourage small businesses to use mobile banking more often.

The group also said investing in small business mobile banking could potentially lead to huge pay-offs for banks. According to the group’s research 45 percent of small businesses with revenues of less than $20 million per year using mobile banking spend more than $50 every month on banking products or services.

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