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Survey: Mobile Banking Products Can Attract Small Businesses
ANDOVER, Mass. (1/9/14)--Improved mobile banking could lead to mobile money, a recently published study has found.
 
Nearly two-thirds of small business owners said they would move their money to banks with better mobile products, according to the research firm ath Power (American Banker Jan. 7).
 
Banks, however, appear to be falling short in tapping this demand. The study found that in 839 branch visits by small business owners in the second half of last year, 37% of bank representatives failed to mention mobile banking services.
 
The research also included a poll of small business owners' satisfaction with 38 banks. Bank of the West, Associated Banc Corp (ASBC) and JPMorgan Chase received the highest ratings at 80, 79 and 79 out of 100 points. Survey participants gave the trio high marks for being attentive to their needs, building relationships and demonstrating why they were better than bank competitors. The average score was 71, down three points from last year's survey.
 
Another survey in the study showed that bankers aren't following up prospective customers at the rate they were last year. About 70% of bank employees asked customers for their name and contact information, down from 78% last year. Just under two-thirds, 66%, asked for permission to follow up with customers--down from 71% in 2012.

The survey also showed that 90% of small business owners said they would patronize a bank if asked by employees for permission to follow up, while just 62% of those not asked reported a willingness to become customers. 
 
The study did not include any observations about credit unions.
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