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Study of small business owners suggests mobile banking is a must

January 10, 2014

Accepting payments and fund transfers made through mobile payment processing pages is more important than ever, according to the results of a recent survey of small business owners.

Accepting payments and fund transfers made through mobile payment processing pages is more important than ever, according to the results of a recent survey of small business owners.

Ath Power Consulting recently assessed small business banking customer experiences, and found that roughly two-thirds of all small business owners said they would be likely to switch banks if they could find an alternative provider with a superior mobile banking offer. Many banks have been able to leverage this growing demand for mobile account management: By offering such services to their customers as soon as possible, banks can foster high levels of consumer satisfaction.

“Mobile represents opportunities and challenges for banks to attract and retain small business clientele,” said Frank Aloi, CEO of Ath Power.  “Banks with mobile offerings tailored specifically for small business will achieve success by delivering differentiated features and functionality not available in standard mobile banking services.”

Mobile advances can help to engender success in many industries
Banks that offer mobile applications and programs to their small business clients are succeeding, according to the Ath Power Consulting study. However, other businesses are experiencing similar success thanks to advances made in the mobile marketing and interaction sector. Mobile Commerce Daily recently reported that Best Buy is currently linking together email and mobile marketing strategies to an interactive web-based video game

“We continue to look for ways to reinvigorate the customer experience, and one way we do this is by giving our members new and fun ways to engage with Best Buy through their mobile devices,” Jeremy Baier, spokesman at Best Buy, told Mobile Commerce Daily. “This is another example in our journey to make shopping with Best Buy as rewarding as possible.”

Best Buy is focusing on mobile marketing in attempts to incentivize lapsed shoppers through its loyalty program, according to the report. Jeff Hasen, chief marketing officer of Mobivity, told Mobile Commerce Daily that he feels both the post-holiday timing and the interactive aspect of Best Buy’s promotion will help bolster its efforts to send consumers to the e-commerce website, and to their credit card payment processing pages. 

“Successful retailers often opt-in mobile users long before a holiday period when consumer attention is scattered and time is short for sign-ups or anything else,” he told the news outlet. “The gamification element of [this] campaign is smart — it gives those participating an interesting experience and exposed them to a different, more fun side of Best Buy.”

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