What the financial sector needs to know about mobile commercial banking
Commercial banking, the business model for transferring money between individuals and businesses, is booming, but the sector is also facing a challenge: the increasing use of smartphones to send and receive money.
The US Federal Reserve Bank of Dallas predicts the number of commercial loans will nearly double to $2.3 trillion by 2019, an increase of over 1.6 percent over the same period last year.
That’s up from $1.5 trillion last year, and a 25 percent jump from 2013.
It’s a dramatic increase that will add an unprecedented amount of money to the pockets of consumers and businesses across the country.
It means mobile banking is going from a niche to a mainstream practice, said Dan Hamermesh, chief executive of Mobile Business Bank, a Houston-based non-profit that works to encourage mobile banking.
Mobile banking, he said, is the next step for consumers.
“It’s about being able to have your own money and have your money be safe,” he said.
Hamermash and other experts expect that mobile commercial banks will become more popular as mobile technology becomes more mainstream.
The Federal Reserve predicts that the number and scope of mobile commercial loans are expected to grow rapidly in coming years.
The agency predicts that commercial banks are poised to receive $3.8 trillion in loans this year alone.
This is a 7 percent increase over the previous year and a 17 percent increase from the year before.
But while the number may be on the rise, it’s the technology that’s getting consumers to consider mobile banking a viable option for commercial banking.
The first step to making mobile banking work for you and your business is understanding the basics.
The easiest way to get started is to understand the basics of banking, said Andrew Fechner, chief operating officer of mobile bank platform platform Capital One Bank.
He said mobile banking offers three key advantages:You can open and close a business from your phone, he explained.
And it’s much easier to set up a loan account.
You can be assured that you’ll have access to your money when you need it, regardless of whether you have a bank account.
“You’ll have the same confidence in the quality of your loans that you have with your credit card,” Fechman said.
“The biggest thing you need to understand is how to set it up.
We will provide you with a lot of help.”
Capital One Bank is an example of how technology can help commercial banks improve their customer service.
The bank’s mobile banking app allows customers to open and shut down their bank accounts.
Fechmer explained that customers are able to set their bank account balance to zero, but if a customer tries to open an account with Capital One, it will automatically create a new one.
Capital One also offers mobile banking on its app, but it only works with the mobile bank app.
Fachner said customers can get a credit card for their accounts and they can also get a debit card, but they can’t use the mobile app.
Capital One has not released a mobile banking solution for businesses.
“There’s no way you can be mobile banking with Capital one.
You can’t do it,” Fachman said, adding that Capital One is a large customer of Capital One’s.
Heterogeneity is a big part of the mobile banking ecosystem, Hamermehs said.
If you’re not going to use Capital One on your phone and your mobile banking application doesn’t have that same customer experience, it could hurt you.
“It’s like having two people who are going to be on your phones and you’re going to have a third person who’s going to help you and who’s not going do what you want them to do,” Hamermer said.
“So you have to be very specific about what you’re looking for.”
There are other apps out there that work with mobile banking, but not all of them are as comprehensive as Capital One.
There are several mobile banking platforms out there, including Capital One Wallet, which allows customers of Capital First to send money without having to open their bank.
The company is not available for iOS or Android, but Capital One says it’s coming soon.
“We’re going in the right direction,” Capital One CEO David Hamer said.