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5 Reasons Why Mobile Banking Is Good for Your Small Business 

Every business needs banking services to operate and grow. The problem is that traditional banking can involve lengthy procedures and lots of paperwork that slow down entrepreneurs, for whom time is a precious resource. 

But with the advent of technology, especially mobile banking, things are changing rapidly. Small businesses can now operate without having to personally visit their physical banks. 

In this article, you will find five reasons why you should adopt mobile banking for your business.

What is mobile banking for businesses?

Basically, mobile banking simply means the ability for bank customers to run their operations on the go. In a nutshell, this service gives customers access to a smartphone application to manage their transactions.

Today, many people perform banking both via smartphone and online, making mobile banking the go-to options for small businesses. 

However, mobile banking is not the only digital banking solution. You can also open an online business bank account to facilitate your company's financial operations.

5 advantages of mobile banking for your business

1. Receive account updates in real-time

Many businesses still rely on monthly account updates to check the status of their accounts. 

Mobile app usage statistics show that the average person checks their phone 63 times a day, mobile banking included. This means that you can check your balance in seconds wherever you are.

Mobile banking apps can now notify you whenever a significant update or change occurs.

These personalised alerts help business owners (like you) and finance teams stay up to date with their income and expenditure. It's pretty simple, quick, and advantageous.

But mobile banking can also offer unique features that traditional banks don't. 

For example, you can also automatically deposit money into a savings account or receive certain payments while avoiding banking fees. 

These unnecessary fees can quickly add up for your business, so it's essential to look for an option that eliminates the need to pay more than expected.

2. Make deposits and receive payments quickly

Cash flow management is an essential part of running a business. And having a way to manage money that is quick and easy can help your business in many ways.

With mobile banking, you and your financial manager can efficiently make deposits or receive payments with a few taps.

Managing payments through a mobile banking app facilitates budgeting and makes it accessible.

Whether you're at a meeting or a conference, you have a quick way to track company expenses and payments while on the go.

The significant advantage of mobile banking is that unlike traditional banks, you can access and operate your account at any time, with a few exceptions, such as scheduled maintenance updates and unexpected outages.

Ultimately, this accessibility saves you time. Take remote cheque deposit, for example, a feature offered by most mobile banking apps. Using remote deposit, you can deposit a cheque from the comfort of your couch.

Mobile banking can also save you from taking risks in person, and not just health risks from a pandemic, as many of us are doing right now. You can sign up for mobile banking in the UAE or in any country you are in. 

3. Review transactions made with company cards

When it comes to spending, mobile banking also allows you to access your spending records in real time. 

Any dollar spent through your debit or credit cards will automatically appear on the mobile banking application. 

You will have the transaction information and a message showing the exact amount spent. 

By doing this, your finance teams can keep control of spending and ensure that no credit card fraud or other unpleasant surprises take place.

On a happier note, it also helps your team remember what they have purchased. They can quickly look up purchases from the previous day, week or month, and everything is nicely itemised automatically.

If an expense looks unfamiliar, a presentable and easily accessible transaction review on a smartphone can help you stay on track with your company's finances.

4. Improve efficiency and productivity

Leveraging technology is a necessity for businesses that want to grow and expand faster. 

In fact, the more you can move away from individual, manual processes, and towards automation, the more scalable and sustainable your business will be. 

Mobile banking helps you do this by removing geographical boundaries. 

Banking applications are also team-friendly. Managers and finance teams can all access the same account. Everyone can receive the same financial updates and information on their smartphone or tablet.

When you combine the way this modern technology simplifies banking, with the ability to work as a team efficiently, you have a simple solution that will grow with your business for years to come. 

5. Strengthen security

A bank’s primary role is to protect your assets, including your interactions on their mobile applications. Of course, nothing is foolproof. 

But there are steps you can take to strengthen security precautions if you are concerned about mobile banking security.

While you can always use a username and password to log into a mobile banking application, your financial institution allows you to enrol in additional security features. 

As a precaution, you can sign up for multi-factor authentication, which requires two verification types to prove that it is you using the account. 

Another example is that your bank could send a code to your phone for money transfers over a certain amount. For the payment to go through, you need to enter the code and log in via the app to verify that you are who you say you are.

These days, mobile devices and some banking apps allow you to log in by scanning your face or fingerprints, which is another way to protect your digital bank account without giving up convenience. 

It also means that if your phone goes missing, you have an extra lock to keep fraudsters out. You can again disable your mobile phone remotely.

Your bank's app can also allow you to share your location to help spot payment fraud.

Mobile banking is an awesome development that enables them to become more attentive to what their customers want. 

There are many advantages to enjoy from adopting mobile banking for your business. So don't forget to check with your bank to see what options are available to you and whether it meets your needs.



Dr. Bernd van Linder is the CEO of Commercial Bank of Dubai. His comprehensive view of banking comes from a long career in treasury, risk management, and strategic operations — all essential aspects to leading an efficient and profitable bank. Over the decades, CBD has transformed into a progressive and modern banking institution, and today offers a full range of financial services to help customers build and manage their finances.

Author: Chiyako Ikeda    

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