How robust mobile banking services help small businesses grow

Personal mobile banking has already infiltrated most aspects of the personal banking landscape. And now, small businesses are getting in on the action. While personal banking customers have embraced this as a way to conduct banking operations, small businesses find it easier to handle a complex financial landscape with mobile-first features.

And yet, less than half of 1,000 U.S. companies surveyed indicated they utilized mobile banking services. The question is – with more than 28 million small businesses in the United States, why are there so few interested in mobile banking services? Could it be that banks have not done enough to win their loyalty? As Utah’s premier community business bank, we are steadfastly focused on winning the loyalty of small business mobile banking customers.

Why? Because the fact is small businesses remain underserved by the banking and finance communities. With their eyes on a “larger” customer base, institutional banks and financial institutions fail to recognize the needs of small businesses. And that’s where we buck the trend. Those financial institutions who are offering mobile solutions to small businesses typically rebrand personal mobile banking solutions and then market them as solutions engineered specifically for small businesses.

Banks need to innovate in areas such as mobile apps for freelancers. They need to include systems such as payment notifications, the capture and storage of monthly bills and receipts, and real-time tax calculations. Technology available today can help companies create specific customer experiences. We’re proud to offer Utah-based businesses a way to conduct mobile banking in a way that is appropriate for them. Let’s look at how small business customers can utilize mobile app services.

1. Better Security

Small businesses tend to prioritize the protection of sensitive data more than individual consumers. They have much higher standards when it comes to data security requirements. This could include different types of alerts, such as notifications of suspicious activity or fraud alerts for business clients. For businesses that have multiple employees accessing company information, security is critical. As cybersecurity becomes more important in the business world, data protection is critical.

2. Saving Time

Many mobile banking consumers simply want to save time. And it’s about more than the possibility of checking balances and recent transactions. Businesses and their customers expect services that facilitate electronic transfers of money, remote check deposits, and wire and ACH transactions. They may also look for positive pay features that prevent check altering and other forms of forgery. And in times of a cash crunch, mobile banking even allows small business owners to manage loans and cover cash flow gaps.

3. Enhanced Notifications and Reporting

Business owners expect mobile banking solutions to help them make good decisions in a timely manner. Excellent mobile banking solutions for Utah-based small businesses should include alerts and notifications when it comes to overdraft limits, payment due dates, low balance alerts, and so much more. From consolidated recent transaction reports when it comes to money coming and going from the business accounts.

4. Separate Business from Personal

In the end, two things motivate most individual and business actions: time and money. Consider that there are no legal requirements for self-employed people to open separate business accounts from personal accounts. Owning one account for both personal and business expenses can be difficult for accounting and taxation purposes. Separate accounts give customers a better idea of their business activities and help them avoid mixed expenditures.

5. Mobile Options for Both

Banks have an opportunity to step up and show their technological bona fides by developing apps that make managing consumer and business accounts more convenient. One of the possible scenarios is to consolidate personal and business banking services into a single app. This way, business banking customers, freelancers and contractors alike, can easily toggle between accounts, depending on their needs and goals.

Banks should use well-known branding principles to make a user-friendly interface and create an appealing mobile app. These could include options such as applying individual color settings for each account. It also includes the possibility to hide one account and easily switch between business and personal data. Customizable options such as rearranging account displays should be an option.

In the end, most banks lack niche mobile banking solutions. The majority of mobile banking solutions target either personal or large banking customers without putting an appropriate focus on small businesses, freelancers, and contractors. Banks must identify solutions specifically geared towards small businesses and the self-employed. Now let’s get back to what we mentioned earlier. With so many small businesses in Utah and across the country, the need to ensure no customer is left out remains critical. As we move towards a remote economy dominated by contract work, banking solutions for these customers should be kept front and center. That’s where we come in. From business checking to business loans and mobile banking – we’ve got Utah-based small businesses covered.