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Two-Thirds of All Small Businesses Now Using Mobile Banking

Mobile Commerce Insider Featured Article

May 05, 2014

Two-Thirds of All Small Businesses Now Using Mobile Banking

By Oliver VanDervoort
Contributing Writer

Despite the fact that there are some real dangers to mobile banking, a new report indicates that more companies than ever are getting in on the market. RateWatch is reporting that total two thirds of all small businesses have now started to turn towards mobile banking to handle financial needs.

"A wide range of small businesses are willing to pay for more advanced mobile banking features, but most financial institutions are only offering free basic services," said Jamie Zussman, Business Development Associate for RateWatch in a statement that accompanied the release of the data.

The study found that 34 percent of small businesses have now started using mobile banking on a weekly basis. Another 33 percent of those businesses use mobile banking, but use it less than that. Another 33 percent of small businesses who were surveyed said they never use mobile banking.

One of the most interesting finding of this particular study is the discrepancy between companies who don’t use who mobile banking and companies who don’t see a need for it. While a third of the companies surveyed said they don’t deal in mobile banking at all, just 18 percent (15 percent less) said there was no need for the technology. That seems to hint at a number of companies that would like to be able to use mobile banking, but either don’t know how to implement it or are still wary of security issues.

Considering other reports that estimate the mobile banking market to soar to a value of more than $467 billion by the end of 2019, it seems as if companies that haven’t partaken yet are going to have to get on the bandwagon eventually. Companies that drag their feet simply because they don’t know how to integrate it into current business practices are simply missing out. Those who have security concerns are still likely missing out, but concerns are still relatively valid at this point.

Edited by Maurice Nagle

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