Survey Anticipates Strong Growth for Mobile Banking

Just under one in three finance and treasury professionals currently uses a corporate mobile banking platform, but most agree on advantages afforded by mobile technology and 58% cite the primary benefit as the ability to make payments, transfers and wire approvals, reports Capital One.

The bank’s treasury management group polled finance and treasury professionals surveyed at this year’s Association for Finance Professionals (AFP) annual conference in Las Vegas in late October. The survey aimed to gauge the industry’s appetite for new treasury tools, its outlook on mobility and use of data analysis in treasury management.

Among the findings were the following:

  • Only 32% of companies are utilising corporate mobile banking for treasury activities.
  • Fifty-eight per cent of respondents believe the primary benefit of corporate mobile banking is the ability to make payments, transfers, and wire approvals; followed by access to account data and payment history (19%). More complex processes, such as access to performance indicators (13%) and ability to decision positive pay items (4%) trailed in interest.
  • Security is the primary barrier to widespread adoption of corporate mobile banking, cited by 66% of respondents, followed by obstacles for companies figuring out their bring your own device (BYOD) policies (24%) and the inconvenience of displaying information on a small device (10%).

“As treasury departments continue to innovate, tools and services that grant finance professionals mobility and agility will keep gaining traction,” said Colleen Taylor, head of treasury management and enterprise payments at Capital One Bank. “The results of our survey confirm that treasurers recognize the opportunities to leverage mobile banking to complete their day-to-day tasks, and many plan to invest in new treasury tools over the next several months.”

Additional survey findings include:

  • Nearly half (48%) of the respondents intend to implement new treasury management tools or services before year end.
  • While considering the top-use cases for data analysis in treasury, 47% of respondents cite developing cash flow projection models, followed by developing management-level reporting on risks (19%) and simplifying the transaction screening process (12%).
  • Fifty-nine per cent of respondents report that their company uses a commercial credit card to manage payables processing. Of those who don’t, 18% expect their company will implement a commercial credit card programme in the next year.

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