Small businesses for the most part aren’t impressed with most mobile banking offering, with more than a third (34 percent) never having used mobile banking even though their financial institution offered it, according to new research from RateWatch, a banking data and analytics service owned by TheStreet, Inc. and Simon-Kucher & Partners, a strategy and marketing consulting firm.
“The small business customer is a huge untapped market for financial institutions,” said Jamie Zussman, Business Development Associate for RateWatch, in a prepared statement. “This report provides data and a framework for how financial institutions can deepen their understanding of this segment and create compelling packages and services for them.”
“We need a systematic and structured approach to designing, pricing and selling mobile banking solutions,” added David Chung, director at Simon-Kucher & Partners, in a prepared statement. “When these steps are managed separately, we find suboptimal products that fail to meet revenue and profit goals, and fall short of addressing customer needs.”
Among the survey’s other findings: