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TheStreet Open House

Bank Of America Continues To Be Leader In Small Business Digital Banking

Stocks in this article: BAC

Bank of America today announced that it has surpassed 1 million small business mobile users. Mobile Banking provides small business owners the convenience and flexibility of managing their finances while on the go.

“Today’s small business owners aren’t behind desks all day, and many don’t even have a desk,” said Mary Bintz, Small Business Sales executive at Bank of America. “They are in their cars and trucks, on factory floors, shopping for supplies and visiting clients on-site. Bank of America’s Mobile App has kept pace with their demanding schedules by offering full access to their finances right in the palm of their hand.”

“Reaching this new milestone validates our commitment to meet the banking needs of small business clients and the customers they serve,” said Marc Warshawsky, senior vice president and Digital Product executive at Bank of America. “The number of small businesses now using Bank of America’s Mobile App is a testament to today’s growing demand for better integration of technology and greater online, mobile and self-service banking options.”

The app allows small business owners to manage their finances from a mobile phone or tablet to securely check balances for any Bank of America account, make single or recurring bill payments without stamps or envelopes, transfer balances between accounts to pay suppliers and employees, ensure that monthly payments from suppliers have posted, and track recent posted and pending transactions.

The remote deposit function allows clients to take a picture of the front and back of a check using their device’s camera from anywhere, saving a trip to the bank or ATM. Mobile App Alerts give small business owners peace of mind with real-time updates to their accounts, such as a low balance or an eBill due. Users can access their accounts from a wide variety of devices via app versions developed specifically for the iPhone ®, iPod touch ®, Android™ phone, Windows ® phone, Blackberry ®, iPad ®, Android™ tablet or Kindle Fire™.

As a testament to their service to small business owners, Bank of America recently ranked first for Small Business Online Banking by Keynote Systems’ 2013 Small Business Scorecard. The bank had an overall score of 87 and was number one in three major categories, including Functionality, Ease of Use, and Privacy and Security. The scorecard is published annually and focuses on the online banking needs of U.S. small businesses under $2 million in revenue.

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