Corporate mobile banking technologies are set to align with banks' portal strategies.
Despite the initial slow speed of banks to deploy corporate mobile technology, the race has now started for the top 50 US banks to plan rollout of corporate mobile banking technologies in response to a significant rise in demand from their customer base. Technology rollouts over the next year are expected to generate revenue for their institutions, demonstrating a shift in bank mindset, according to a new Impact Note, Corporate Mobile: Gaining Momentum, from Aite Group.
For those early mover banks already offering corporate mobile, the focus is on enhancing the breadth and depth of their capabilities beyond cash management and payment to align with their portal strategies. Planned enhancements include capabilities such as checking the status of a letter of credit or viewing commercial loan balances or liquidity information from a mobile device. These initiatives often align with developing their corporate portal strategies.
Aite Group surveyed 32 banks with more than US$14 billion in assets, representing approximately the top 50 US banks ranked by total assets. The data show that early movers are also focusing on making their offerings more global. Regulations and compliance issues vary by country and region, however, making this a challenging task.
Aite Group's research indicates that banks should focus on functionality when rolling out mobile technologies for corporate banking—it is important to implement different strategies depending on the channel and device. The survey also found that analytics are heavily underutilized within banks' treasury services. Analyzing the vast amounts of data existing within a bank can provide huge insights to improve the overall customer experience and potentially increase cross-selling revenue. Working with the bank's retail mobile banking team can help. Since most bank corporate offerings lag their retail offerings by about two years, lessons can be learned if the two groups work together.
"As corporations replace existing equipment, the lines between desktop and mobile/tablet banking become less distinct, forcing many of the largest banks to prepare for their next generation of user experience. Although building the case to move forward with a corporate mobile offering has been challenging for many institutions, lessons learned by early mover banks are now helping others enhance their mobile service to corporate banking clients" says Christine Barry, research director in wholesale banking at Aite Group.