SMEs embrace mobile banking
Small business is rapidly embracing mobile banking, driving sharp recent growth in digital transaction values, according to new research.
The Melbourne-based Market Intelligence Strategy Centre Global (MISC) says the more than six million Australian customers using tablets or mobile phones for banking now account for about 40 per cent of all digital banking logons and 9.6 per cent of digital banking by dollar value.
Most of the activity was concentrated around small value transactions, mainly bill payments or person-to-person transfers, with the number "now growing rapidly in size each quarter", MISC said.
But a significant feature of MISC's findings is the eager acceptance of mobile banking by the small business sector, where the transaction values are naturally much higher.
MISC says more than one million small businesses have taken up mobile banking in the past 15 months alone, bringing with them larger transactions including payrolls and tax payments.
The take-up has been influenced by a string of mobile banking initiatives in the small business space coupled with advancements in online security.
