Mobile Commerce Daily is now Retail Dive: Mobile Commerce! Click here to learn more!

Bank of America exceeds 1M small business mobile users

Bank of America announced that the company has hit one million small business users after ranking No. 1 for small business online banking by Keynote Systems’ 2013 Small Business Scorecard.

According to Bank of America’s spring 2013 Small Business Owner Report, 54 percent of small business owners are willing to use mobile devices to connect with customers, suppliers and advisors. It is therefore no surprise that small businesses are flocking to Bank of America.

“[The milestone] is significant because it means that fully one-third of our three million small business customers now use our mobile capabilities to bank and run their business more efficiently,” said Mary Bintz, Small Business Sales executive at Bank of America, Charlotte, NC.

“[Our app] helps small business owners by allowing them to conduct much of their banking from the palm of their hand, which allows them to spend more time running their business,” she said.

Mobile banking benefits
Small business owners can benefit from mobile banking because it gives them more flexibility and allows them to manage finances on the go. Nowadays, many small businesses do not even have an office or desk, so mobile banking can really be helpful.

Bank of America’s mobile app lets small businesses access financial matters anywhere and at any time. The app is available for all sorts of mobile phones and tablets, including iPhone, iPod touch, Android phone, Windows phone, Blackberry, iPad, Android tablet and Kindle Fire.

Businesses can use the app to check balances for a Bank of America account, make a single or recurring bill payment, transfer balances between accounts and track payments and transactions.

The app also lets clients deposit a check by taking a picture of the front and back.

Additionally, the app will notify business owners of real-time updates, such as a low balance or a bill due.

Bank of America leads the way
In Keynote Systems’ 2013 Small Business Scorecard, Bank of America had an overall score of 87 and was No. 1 in three categories, including functionality, ease of use and privacy and security.

According to Ms. Bintz, Bank of America is the No. 1 most downloaded app in Apple’s App Store. The company also has more than 13 million consumer mobile banking users.

Bank of America has been a leader in mobile for a while.

In 2012, Bank of America first launched a mobile point-of-sale service for small businesses to provide a way to create and send deals and offers (see story).

At the Mcommerce Summit: State of Mobile Commerce 2013 conference, a Bank of America exec spoke about the importance of mobile commerce system going beyond the basics to drive mobile payment adoption (see story).

“As a result of technology, consumers bank differently today than they did five years ago,” Ms. Bintz said. “We also know that our customers want choice and flexibility when banking, mobile offers that 24/7 convenience.

“We’re always looking at new and innovative ways to enhance our customers banking experience,” she said.

Final Take
Rebecca Borison is editorial assistant on Mobile Commerce Daily, New York