Taking Mobile Banking Corporate
Universal Banking Solution System Integration Consulting Business Process Outsourcing
It’s ironic that in a world that has gone mobile, corporate treasurers and CFOs are still tethered to their desks because they need computer access to issue approvals using corporate Internet banking. While consumer mobile banking has soared in recent years ever since the smartphone arrived on the scene, its corporate cousin is yet to take off. However, according to various industry participants, there is significant untapped demand for corporate mobile banking, as those finance professionals who use mobile banking in their personal lives – not just on mobile phones but on a variety of devices including tablets – want the same convenience at work. This optimism is corroborated by a recent survey of 267 bankers, in which over 40% of respondents said that they would likely use corporate mobile banking to check account balance or transfer funds. The treasurers among them were even more enthusiastic – more than half said that they would be interested in advanced corporate mobile banking functions including transaction approval and payment initiation, and more importantly, a sizeable number were willing to pay for these facilities. All of which naturally leads one to ask why corporate mobile banking isn’t a raging success yet. The single largest reason behind the poor adoption of corporate mobile banking is a serious concern about data security. But now it is hoped that improvement in the security perception, convenience, experience and consequent adoption of consumer mobile banking will rub off on the corporate version to give it a fillip in the near future. What is Corporate Mobile Banking? Corporate Mobile Banking is currently an abridged version of Corporate Internet Banking. Some banks have developed in-house solutions to enable their corporate customers operate company accounts using mobile devices to fulfill a variety of functions including transaction approval, fund transfer, balance check and wire payment. It is easy to see that these solutions improve productivity by providing finance and
treasury executives access to critical information and tasks even when on the move. Independent technology vendors of consumer mobile banking applications have only now started to explore this space with the expectation that the trend of equipping company executives with smartphones and tablets will favor the adoption of corporate mobile banking – yet in its infancy – in the not too distant future. Most solutions offer popular functions such as basic account operations (balance check, transfer, approval etc.), alerts about important events as well as two-way messages that can be used to initiate action, and exception management to allow ‘out of the way’ approval. Of these, approvals and alerts on critical events such as inward and outward payments and ‘out of office’ delegation of authority are the most preferred. The above functions may be augmented with advanced features like vendor payment facility, accounts payable and receivable information viewing, transaction hold and release, cash and treasury management services and reporting, electronic invoice generation over a tablet device, payroll processing and ‘’positive pay decision” to confirm or deny the payment of checks after viewing their scanned images on mobile. Although the majority of banks offer only basic corporate mobile banking functions, studies indicate that the higher screen resolution and optimized experience of tablets will encourage the usage of advanced services in future. Modes of Corporate Mobile Banking Although individual consumers use mobile banking in a variety of modes including SMS, USSD, Browser-based and Downloadable Apps, only the last two are relevant to the corporate version. It is most logical for banks to start with the browser-based version, because they can leverage their existing Internet banking infrastructure,...
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