In an increasingly digital world, we’ve grown accustomed to the modern conveniences that our mobile phones provide. With things like shopping, same-day delivery, and endless hours of video, music, and social media content all at our fingertips, we expect our finances to be just as accessible.
Banking has also evolved to meet the needs of constantly connected consumers and businesses. Mobile banking apps are bringing a new kind of value to daily life and changing the way we interact with our money in meaningful ways. In fact, more and more businesses are using online platforms and apps to manage their finances—citing convenience, access, and security as some of the most important driving factors.
In this article, we’ll unpack how you can choose the right business banking platform to meet your needs.
Key features of mobile banking apps
Most mobile banking apps allow you to keep track of your account balance in real-time, pay your bills, and deposit checks using your phone’s camera. In addition to the essentials, some business banking platforms are starting to incorporate more advanced features into their apps. These include budgeting tools, ways to categorize your transactions, and the ability to set up customized alerts to stay on top of your finances. The right features can save you a trip to the bank and make you feel empowered about your money.
When choosing a banking solution for your business, you should consider which tools will be most helpful for you and your team. You also might want to ask some additional questions about the app, such as:
- How secure is it, and what security features are included?
- Does it have any known glitches or bugs?
- Is it easy to navigate and share access with your co-owner and/or employees?
- How easy is it to reach customer support if you need help?
Benefits of mobile banking apps
Mobile banking offers a level of convenience and accessibility that businesses don’t typically get from a traditional branch visit. With a fully online banking platform, you can manage your business finances anytime, anywhere. The ability to track your spending makes it easier to save money and budget effectively, and you can pay your bills and send money to vendors in just a few clicks.
A well-designed mobile banking app can be a gamechanger for business owners who are on the go. The best apps deliver a smooth user experience with an interface that’s easy to navigate, and a customer service team that’s easy to reach when you need them.
Security in mobile banking
One of the biggest concerns businesses have around mobile banking is security. But the truth is, while cyberattacks are always a risk, managing your money with an app is just as secure as visiting your local branch. Like traditional banks, mobile banking platforms use high-end encryption technology to protect your data from being compromised. And in the last few years, biometric identification methods like fingerprint and face scanning offer a more secure and convenient way to verify your identity beyond your password.
Even though mobile banking apps are considered safe from a cybersecurity standpoint, there are precautions you can take to help protect your account against fraud:
- Download your mobile banking app from their verified site, rather than a third-party store
- Be sure to use two-factor authentication (which may be required by your banking platform)
- Use a strong password, update it often, and use a trusted password manager to remember it for you (don’t rely on your browser’s password manager because that’s not as secure)
- Look out for fraudsters who try to pose as your banking partner and steal your info through phishing (email) and smishing (text)
- Avoid using public Wi-Fi, especially when accessing your banking information
- Set up fraud alerts via text or email
The impact of mobile banking on traditional banking
While mobile app adoption is on the rise, branch visits are declining. In 2023, 2,500 brick-and-mortar banks across the country closed up shop, according to the FDIC. Mobile banking apps have transformed the way both individuals and businesses manage their money, and the expectation now is to handle banking tasks quickly and seamlessly. Each part of the banking experience needs to be as frictionless as possible.
Challenges facing mobile banking
Even though a majority of small business owners use mobile banking apps, some people may prefer banking in person—and, in some cases, the nature of your business might demand it.
For example, businesses that deal with a lot of cash transactions may not be well suited for online-only banking. So, while mobile banking apps can be convenient for mobile check deposits, bill payments, and more, your business may still need easy access to physical bank branches or ATMs for cash deposits and withdrawals.
Another reason some business owners might be hesitant about using mobile banking is their uncertainty about the technology. Luckily, there are plenty of educational resources—including articles like this one—that can help alleviate some of those concerns.
Lastly, software bugs and connectivity issues can happen with any app, and mobile banking is no exception. That’s why it’s important to download app and software updates as soon as they’re available, and consider reaching out to customer service if you have any questions.
Future trends in mobile banking
As technology evolves, mobile banking apps will likely become even easier to use in the future. Business owners will be able to make purchases, move money, and resolve issues faster with things like virtual credit and debit cards, customized automatic transfer rules, and AI-powered chatbots.
Voice recognition will also provide an extra layer of convenience and security. There could even be more opportunities to make your app feel tailored to you, with personalized financial recommendations and the ability to customize your offerings.
Mobile banking apps have transformed the way businesses manage their finances. The speed, convenience, and accessibility these apps provide can give you peace of mind and free up time so you can focus on more pressing business tasks.
Get more for your time and money with Bluevine Business Checking.
