In the last 5-7 years the largest banks to the smallest credit unions now offer mobile banking. We have moved from one modular solutions of SMS, USSD, mobile web, and downloadable applications to now covering all protocols, but this has predominantly been in the “Retail” side of the bank, and we have seen very little innovation around mobility and corporate banking.
Why is corporate mobile important?
Firstly, because the customer…that is the corporate treasury, is demanding it with themselves and managers now being mobile. Secondly, it enhances the customer experience and stickiness, and thirdly, it provides an opportunity to accelerate fee-generating activities. Not only that, but enterprise mobility also offers new services that other channels could not previously provide. We launched one of the first corporate mobile apps for RBS Citizens in the US, which was recently still rated as one of the best apps for both iPhone and Android (http://www.mobilemarketingwatch.com/study-the-best-and-worst-u-s-mobile-banking-apps-34775/).
But when we look at new innovation, this is where the corporate side has generally lagged behind retail, but we are finally starting to see that change. As mentioned in my recent blog Banks Crash the Mobile POS Party, banks like BBVA Compass, Lloyds and CBA and are now starting to package creative mobile solutions for small businesses. In addition, we have seen others large corporate banks like Citi launch mobile programs around what we first called Cash-to-Mobile, empowering corporate customers to receive funds from retailers or end customers instantly via mobile.
I am looking forward to hearing about some of the new mobile innovations around corporate banking and payments at SIBOS this year. If you’re off to Dubai, pop by the SAP booth (G85) and we can show you some of the innovations we are bringing to the market.