Mobile device has been providing small business owners with a quick, convenient way to check balances and initiate payments – the same way they’ve been ordering food or taxis — for years. While there is inherent value in having a quick glance at their bank accounts, SMB owners need far more functionality to run their businesses, meaning the mobile device has been relegated to a secondary platform through which to conduct banking — the first being the desktop, or even in-person meetings at local branches. Financial institutions (FIs) in recent years have invested in mobile technology to meet the minimum level of functionality SMBs require from a mobile app. That’s quickly changing, however, for FIs serving all kinds of customers.
To remain competitive, a mobile app is a must-have. For small business owners, smartphones offer a quick and easily accessible platform to perform some of the more basic banking functions, or for an immediate — albeit often simplified — overview of finances. That value has expanded as a result of the pandemic, said Koorn, who noted that the “stragglers” – the late adopters — have finally jumped on the mobile SMB banking bandwagon in the midst of bank branch closures and social distancing measures. The pandemic has also led to an expansion of the ways business owners use these mobile apps, with Koorn noting an uptick in SMB loan applications and management via mobile devices in recent months.