Corporate banking and personal banking by means of mobile banking
Financial services all over the world as part of the entire financial sector are an example of an ever developing world economy and there are new expectations in the banking sector that includes the ways of interaction between customers and their banks. In the matter of mobile banking, clients always expect a secure environment, customization at a high lever, real-time information, quick and convenient practice anytime from any place. They also expect that bank services offered by means of a mobile device will fit their needs and match their life models. It is not surprising that mobile banking has become one of the main discussion points among financial institutions and their customers.
Considering that mobile banking has served as an information technology priority for most banks in recent years, it is still a slow developing area as banks are elaborating new ways to attract more customers and improve customer satisfaction, especially during financial crisis. To date, mobile banking has offered its benefits to retail customers as part of personal banking. There have been concerns regarding business customers and their wish to embrace corporate banking services on cell phones, as well as regarding the charges and fees that would be needed in this regard. Specialists think that since personal banking is already being used, this is a growing opportunity and banks have the chance to develop mobile banking functionality and offer it to corporate or business customers as an improvement of online funds management offers.
The number of business clients that are currently using mobile corporate banking is small, however it is due to the fact that most of the large business companies have not yet been offered the service. This corporate banking is still in its initial stage of approval and development. The opportunity for embracing mobile banking is high and mobile institutions that will be among the first to spread it within corporate customers will have its advantages and priorities.
There have been taken decisions to stop further development and spreading of mobile banking within cash management clients compared to personal banking and this reveals a bad connection between bank offers and the needs of its clients.
One of the most frequently used bank activity is approving transactions and the interest in it can lead to an ideal mobile banking environment. This means that customers would be glad to use mobile banking capabilities if it allowed them to approve any type of transactions and initiate payments. Also, being able to view potential threats on fraudulent checks would also be an advantage, since this would allow customers to decide on making the payment or not.
Performing advanced transaction by using mobile banking is a trend that will actually bring clients and this is very important for banks that consider mobile opportunities for the future. The interest in operating with mobile banking features is however not a sufficient motivation to develop and invest in strong mobile banking activities for the business sector. Advanced mobile activities are more attractive than simple balance overview and this seems to be offering greater coverage and more possibilities for cross-selling. By this, customers receive greater value and they are more likely to accept mobile banking. This way, service fees are more justified as this serves as a compensation to the advanced technologies and a convenient customization for mobile banking products.