40% of Middle Market Banking Execs Considering Mobile Banking

However, 61% are concerned about mobile banking security.

Custom research firm TNS has released research related to the use of web-based tools, mobile banking and social networking in the middle market banking segment. The survey, conducted among senior financial executives, reveals a new shift in behavior; despite traditional concerns over security, cost and technological infrastructure, a majority acknowledge that mobile banking will bring vast benefits to their business and many would consider adopting mobile banking solutions in the future.

While overall awareness and usage of mobile banking applications for business-to-business transactions is currently modest, forty percent (40%) of executives surveyed said they were willing to consider using mobile banking solutions in the future. Viewing recent transactions (84%), having the ability to transfer funds (78%) and being able to receive alerts on account activity (76%) are the mobile banking features they felt would most help their businesses.

The survey also uncovered several barriers to adopting online banking solutions.

Security is a principal concern for current non-users of mobile banking applications with sixty-one percent (61%) of those surveyed feeling the lack of security or the potential of incurring malware programs like viruses would prevent them from using online banking solutions. Other barriers include cost and technological limitations, where twenty-six percent (26%) feel that using mobile banking for their business would be too costly and twenty-one percent (21%) feel that they are limited by their technological infrastructure.

"Corporate users are so in tune with the benefits and flexibility of mobile technology, they make excellent candidates for mobile banking services," said Glenn Staada, vice president of TNS. "The challenge here is to do a better job in demonstrating the ability to perform standard financial functions in a secure, convenient and efficient manner."