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TheStreet Open House

Here's What Small Businesses Want in Mobile Banking

Stocks in this article: TST

NEW YORK (TheStreet) - Approximately one-third of small businesses have never used mobile banking services, yet many say they do have a need for it, leaving wide opportunity for banks to boost awareness and types of mobile services they provide to small firms, according to a joint report by RateWatch, a premier banking data and analytics service owned by TheStreet (TST) and Simon-Kucher & Partners.

Roughly 45% of small businesses that have never used mobile banking said they do have a need for the services or that the services would be nice to have, according to the report, "Monetizing Mobile Banking for Small Business Customers." The report looks at how small businesses currently use mobile banking, as well as what features they would pay for and how they want to pay for them.

Approximately 34% of respondents said they use mobile banking at least once a week; 31% said they have never used mobile banking, the survey found.

Most small businesses would prefer to pay a monthly fee for unlimited mobile transactions. The median would prefer to pay a fee ranging from $1 to $10, for informational services, transactional services and advanced interactive services, the survey found.

The top three overall most important mobile banking features for small firms are: accessing account information such as balances, recent transactions and statements; receiving alerts notifying them of fraudulent activities, low balance, reached overdraft limits and payment due dates; and monitoring fraudulent activities, the report said.

Small businesses are willing to pay a median of $5 a month for informational mobile services such as accessing account information, receiving alerts and accessing tools to manage their finances. They're also willing to pay a median of $5 a month for transactional services, such as transferring money, adding money to prepaid cards or receiving payments from customers via ACH, wire or credit card. Small firms are most willing to pay for "advanced interactive" services such as negotiating credit increases to support short-term borrowing needs and requesting payment flexibility for loans, mortgages or credit cards.

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