BOSTON – Financial institutions that want to stay up with, or ahead of, the competition, would do well to expand their capabilities for mobile banking for middle-market and corporate clients, according to a study released Aug. 8 by the Boston-based Aite Group, an independent research and advisory firm focused on business, technology, and regulatory issues and their impact on the financial services industry. The survey of 32 U.S. banks was done in June.
The demand for mobile banking is increasing and all banks should be developing a strategy to meet the needs of corporate clients, according to the report by Aite Group Research Director Christine Barry.
“Though U.S. banks have for years discussed rolling out mobile banking capabilities to their cash management customers, most banks have offered mobile banking to consumers and small business customers more quickly than to middle-market and corporate clients” according to Barry’s research.
The study found that 56 percent of the top U.S. Banks are still in the planning and strategy development phase of corporate mobile banking, with rollout planned for 2014.