New York, NY, USA
November 8, 2007Corporate
Mobile Banking: The Times They Are a-Changing
Report Published by Celent
Corporations are poised to embrace mobile banking
solutions, with 8 of the top 25 banks releasing a solution in 2008. This
number will climb to 14 out of 25 by the end of 2009.
Cash management is at a turning point. By and large,
the applications have matured and provide a host of core features and
benefits for their demanding client base. However, there is plenty of room
for improvement. Corporate banking customers are constantly looking to
their banks to provide innovative ways of increasing efficiency. It is
time for banks to step on the accelerator. While the potential of the
consumer mobile banking market has been a focus recently, little emphasis
is being placed on the corporate or small business markets.
In a new report, Corporate Mobile Banking: The
Times They Are a-Changing, Celent examines how mobile devices are
impacting work attitudes, behavior, and productivity. The state of the
mobile world is opening an array of opportunities for corporate users. A
cultural and behavioral shift has started to occur as large, midsize, and
small businesses have affixed mobile devices to their users’ hips.
Because corporate users are so in tune with the benefits and flexibility
of mobile technology, they make excellent candidates for mobile banking
services. Device evolution, Blackberry mania, faster networks, and the
prevalence of data plans will drive adoption of corporate mobile banking
services. Competitive pressures from first movers, new vendor solutions,
and demand from corporations will also be important drivers. Based on
early mover bank expectations and customer feedback, Celent estimates that
8 of the top 25 banks will have a solution out in 2008, and 14 of the top
25 will address this channel in one way or another by the end of 2009.
This report explores why banks
are taking their time with mobile corporate banking. A detailed depiction
of potential mobile banking features and functions is provided, along with
an analysis of mobile banking technologies, and the current state of the
vendor market (cash management and mobile banking). Finally, the report
presents a case study on Wells Fargo, the first US financial services
company to announce a mobile banking solution for its commercial banking
customers.
“Mobile access is a natural
and innovative add-on to today’s corporate cash management services,”
says Jacob Jegher, senior analyst in
Celent's Banking group and author of the report. “Businesses of all
sizes are already indicating that they would like to gain access to mobile
services. Banks have to be able to offer these services in order to
innovate, respond to market demand, and remain competitive in a crowded
and highly mature playing field. The time to provide mobile banking
services to business customers is now.”
This 25-page report contains
nine figures and two tables. A table of
contents is available online.
|
