Corporate treasurers are willing to consider paying for the convenience of mobile banking

A new report from Aite Group, Mobile Banking: The Corporate Treasurer's Perspective, shows that progress to date—from a bank rollout and customer adoption perspective—significantly lags that which has been achieved on the consumer banking side, where its availability is far more widespread. Aite Group assessed the level of treasurers' concerns about mobile security, device preferences, and most desired mobile functionalities.

Aite Group's study shows that mobile access for corporate treasurers is on the minds of most bank executives.

For Banks
- While security is a concern, for most corporate treasurers, the benefits overshadow their fears. Banks should continue to educate customers on the security precautions being taken but also begin to focus greater attention on marketing convenience and functionality.
- Banks should consider charging for mobile access—perhaps as an additional line item for their monthly online banking fees. Many corporate treasurers are willing to consider paying for the capability's convenience.
- Banks should consider a multidevice strategy for corporate treasurers. "Bring your own device" (BYOD) will continue to add new device types to the mix, and institutions will need to avoid alienating customers from mobile usage.

Quote
"Banks should continue to enhance their mobile functionality and work closely with vendor partners to share customer feedback and needs," says Christine Barry, research director in Wholesale Banking at Aite Group.
"As corporate treasurers grow more comfortable with the mobile channel, their desire to perform more sophisticated capabilities will also increase. While most vendors were fast to address payment approval requirements, they have been slower to recognize end-user interest in administrative capabilities," says Christine Barry, research director in Wholesale Banking at Aite Group.

Aite Group

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