Would you have considered depositing a check from your phone five years ago? The capability wasn’t even possible, let alone the security worry.
Today, we’re seeing small business owners in particular dive right into the mobile revolution. In fact, 66% of small business owners (SBOs) say they could not survive without their mobile phone.
Last year, Bank of America reached the milestone of having one million small business customers become mobile banking users. Many of our small business customers use their smart phones or tablets to do mobile check deposit, but there are tons of ways you can turn your phone into your own personal assistant if you want to. This will allow you to be more available to your customers, be more productive, and be able to focus on the thing that is most important to you – your business.
If you own a small business and you are not leveraging the power of mobile, you’ll soon find your competition is. So what are some of the ways to do this? Here are a few things your small business peers are most interested in when it comes to mobile banking, and you should be too:
- We’ve seen an increase in our customers using their phone or tablet to manage business accounts. Popular features include checking balances, transferring funds between accounts for payroll or supplier payments, and tracking transactions.
- SBOs are particularly big fans of the mobile notifications security feature where irregular account activity is flagged and alerts are sent automatically to the owners. The convenience of these alert features cannot be overstated; it’s like having real-time security right in your pocket.
- Marketing over mobile is also gaining popularity; 73 percent of small business owners say they use devices to conduct social media marketing, while 71 percent said they use their device to do email marketing.
- Small businesses are increasingly turning to digital to make payments securely and with greater speed. Tools like MasterCard’s MasterPass digital wallet platform are delivering on this promise by enabling small businesses to accept credit and debit cards payments.
Overall, mobile banking is helping small businesses compete by leveling the playing field with their larger counterparts – the size of your business no longer matters, just how connected it is. So get on board and experience the freedom of heightened accessibility.