NEW YORK, May 1, 2014 /PRNewswire/ -- Today, RateWatch, a premier banking data and analytics service owned by TheStreet, Inc. (NASDAQ: TST) and Simon-Kucher & Partners, a strategy and marketing consulting firm, released the results of a study: Monetizing Mobile Banking for Small Business Customers. The data looks at how small businesses currently use mobile banking as well as what features they would benefit from and whether they would be willing to pay for them.
"A wide range of small businesses are willing to pay for more advanced mobile banking features, but most financial institutions are only offering free basic services," said Jamie Zussman, Business Development Associate for RateWatch.
"Our survey identifies this need in the marketplace for mobile banking solutions that create value for small businesses and consequently, could generate revenue for banks," added Jens Baumgarten, Partner, Head of Banking and Financial Services North America for Simon-Kucher & Partners.
Of the small businesses surveyed:
- 34% use mobile banking on a weekly basis, while 33% use mobile banking less frequently. 33% have never used mobile banking at all.
- Comparatively, 75% use online banking on a weekly basis, 21% use online banking less frequently and 4% have never used online banking at all.
- Only 18% see no need for mobile banking.
- Most small businesses would prefer to pay a monthly fee for unlimited transactions for informational services, transactional services, and advanced interactive services.
- The median amount that companies were willing to pay as a monthly for certain unlimited transactions ranged from $1 to $10.
- The three most important informational mobile banking services are: accessing account info, receiving alerts and receiving service guarantees and knowing how they are protected.
- The three most important transactional mobile banking services are: depositing a check, reporting/blocking lost/stolen cards and transferring money between accounts to optimize savings portfolio or to pay off a loan.
- The three most important basic interactive mobile banking services are: monitoring fraudulent activities, reaching your institution when you need to, such as calling customer service or placing an inquiry and scheduling appointments at a bank location.
- The three most important advanced interactive mobile banking services are: receiving transaction verification and advanced warning, capturing and storing receipts and requesting for payment flexibility for loans, mortgages, or credit cards.