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Bank of America Tops 1 Million Small Business Mobile Banking Users

The bank credited the growing need for flexibility in banking activities among small business owners for their continuing mobile adoption.

More than one million Bank of America small business clients are now using mobile banking, according to a statement today by the bank.

The milestone in adoption can be credited to the flexibility that mobile banking affords small business owners, Mary Bintz, a small business sales executive said in the statement. “Today’s small business owners… are in their cars and trucks, on factory floors, shopping for supplies and visiting clients on-site.”

BAnk of America’s mobile app, which works on smartphones and tablets, includes capabilities for checking balances, transferring funds between accounts for payroll or supplier payments and tracking transactions and payments from suppliers. The app also includes remote deposit capture and alerts that give customers real-time updates on account activity, low balances and upcoming due bills.

[See Related: Is Mobile Banking Ready For Business?]

“The number of small businesses now using Bank of America’s mobile app is a testament to today’s growing demand for better integration of technology and greater online, mobile and self-service banking options,” Bintz added.

Overall the bank services more than 3 million small business customers, the statement said, and recently ranked no. 1 in the Small Business Online Banking by Keynote Systems’ 2013 Small Business Scorecard.

Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio

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Greg MacSweeney
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Greg MacSweeney,
User Rank: Author
8/23/2013 | 6:04:45 PM
re: Bank of America Tops 1 Million Small Business Mobile Banking Users
Mobile is a major focus of Bank of America (it's in the top 3 overall, in terms of technology architecture). The bank is aiming to have the same level of service through mobile as it does through the web (meaning anything you can do on the website, you should be able to do through a mobile app). These results show that Bank of America is on the right track.
Jonathan_Camhi
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Jonathan_Camhi,
User Rank: Author
8/22/2013 | 4:33:46 PM
re: Bank of America Tops 1 Million Small Business Mobile Banking Users
Demand for mobile capabilities is rising though among large corporations. It is a lot easier to implement for a small business, but accounts payable people are retail customers too and are starting to demand more of the mobile services they can get as retail customers.
Jonathan_Camhi
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Jonathan_Camhi,
User Rank: Author
8/22/2013 | 4:31:58 PM
re: Bank of America Tops 1 Million Small Business Mobile Banking Users
A lot of banks are keying in on small business customers because they're more profitable than the everyday retail customers with a checking and/or savings account. It's a customer segment that banks are going to be competing over more sharply in the next few years.
Byurcan
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Byurcan,
User Rank: Author
8/22/2013 | 2:48:12 PM
re: Bank of America Tops 1 Million Small Business Mobile Banking Users
And small business, moreso than large corporations, are likely to adopt mobile. With a big business, there's so many people in accounts payable departments, and so many approvals needed. A small business owner, however, can approve a payment quickly or perform some other task on the go.
Becca L
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Becca L,
User Rank: Author
8/21/2013 | 9:33:42 PM
re: Bank of America Tops 1 Million Small Business Mobile Banking Users
I'm impressed, it sounds like they've really keyed into a demographic with unique needs and circumstance (always on the go, not behind a desk). I'm pretty sure it was BofA that had all those small business ads running on TV too. The commercials didn't leave much of an impression about what their small business apps provide, but I suppose the word is getting out!
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