Financial institutions must find better ways to tailor their banking services to the needs of business customers, according to a new white paper by Fiserv.
In the report, entitled “Riding the Digital Wave for Business Banking, propelled by mobile,” the financial technology provider urges the financial sector to work on enhancing their digital banking services to attract and retain customers. Most small and medium sized business customers already use online banking, whilst amongst smaller firms, 35% use a smartphone and 25% use a tablet for their business banking.
In particular, says the report, financial institutions should look to meet the precise security and monitoring demands of businesses, including offering more access control functions for employees with differing responsibilities. Businesses are also keen to reduce the need for branch visits, speed up banking tasks and access key information easily in order to make financial decisions online and on mobile.
“With more businesses using digital banking services, there is a focus on providing specialized mobile banking capabilities which cater to the needs of this attractive market segment,” said Teri Carstensen, Division President for Bank Solutions at Fiserv. “Financial institutions that optimize their digital banking solutions for business users are best positioned to strengthen relationships with their customers and capitalize on growth opportunities.”
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