Mobile banking and small businesses: 5 key insights

Mobile banking can help CUs nurture relationships with small businesses.

From a thought-leadership perspective, mobile banking is an underappreciated value enabler for small businesses and credit unions.

In fact, according to Raddon Research Insights, 52% of small businesses (those with up to $10 million in annual revenue) rely on mobile banking for day-to-day account access. For millennial business owners, the percentage is even higher, with 68% using mobile banking.

While these adoption rates are promising, there are broader perspectives your credit union must consider. Let’s explore them through five findings from Raddon Research Insights on small business mobile banking.

1. CUs need strong mobile banking platforms to grow small business membership

Large banks have won the business of small business owners by offering mobile banking platforms that meet their everyday needs.

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