What small businesses want from mobile banking apps (but don’t get)
Mobile banking apps for small business customers have a long way to go before they meet the expectations of users. Keynova Group checked out the functionality of apps from 10 of the largest banks in the country — from giants like Bank of America and Wells Fargo to regionals like Huntington and PNC — to assess the areas where they are falling short. The research firm suggests smaller financial institutions have an opportunity to leapfrog their competitors. Here’s what Keynova says are the must-haves.
Banks and credit unions often use a consumer mobile banking app — or a glorified version of it — to serve small business customers. This is starting to change, but there’s still a long way to go before even some of the largest banks completely shake off this entrenched practice, according to research by Keynova Group.
Its annual Small Business Bankers Scorecard evaluates the digital user experience for customers of 10 national and regional banks. They include Bank of America, BMO Financial, JPMorgan Chase, Citibank, Citizens, Huntington, PNC, Truist, U.S. Bank and Wells Fargo.
In gauging their mobile banking apps, the Keynova study assesses how well needs are met for businesses with under $5 million in annual revenue.
In an interview with The Financial Brand, Susan Foulds, a managing director at Keynova, put the findings into perspective, detailing how the mobile banking apps fall short and what functionality small business users want most. She also discussed how community banks and credit unions have an opportunity to outdo their large competitors and how generative artificial intelligence may undermine advances like digital account opening.
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