US small businesses want mobile banking facilities

8 January 2014

Mobile banking is a growing trend and something that small businesses in the US want to take advantage of, according to a new study.

The ath Power poll revealed that 66 per cent of small business owners would be prepared to switch banks to improve their access to mobile banking services.

"Mobile represents opportunities and challenges for banks to attract and retain small business clientèle," ath Power chief executive Frank Aloi said in a press release.

"Banks with mobile offerings tailored specifically for small business will achieve success by delivering differentiated features and functionality not available in standard mobile banking services."

Despite this growth in demand for mobile banking, the study revealed that some institutions are failing to promote their services.

Of 893 branch visits by prospective small business owners in the second half of 2013, 37 per cent of bankers failed to mention mobile banking options.

The Bank of the West, Associated Banc Corp (ASBC) and JPMorgan Chase (JPM) emerged as the top institutions for small businesses to bank with.

By Claire Archer