Treasury Strategy & Transformation
Published  5 MIN READ
Please note: this article is over 5 years old. If you feel this article is inaccurate or contains errors get in touch here . Many thanks, TMI

Corporate Treasury Embraces Mobile Banking: Businesses gain confidence from advanced security tools

In recent years, smartphone ubiquity and the rise of tablets have transformed consumer behaviour and fuelled the breathtaking rise of the mobile economy. But while much of the consumer world has already transitioned to mobile, the business community has lagged behind.

When you consider the fact that mobile access to business apps such as corporate banking portals has been available for some time, it is somewhat surprising that treasury staff still conduct most of their payments, account management and other functions on office desktops. This is largely due to heightened corporate focus on cyber-security and concerns that mobile networks and devices are less secure.

The good news is that business reluctance to embrace mobile access to corporate banking portals is starting to change. Treasurers are beginning to see the benefits of allowing treasury staff to access their company’s corporate banking portals on their phones. These benefits can include greater efficiency, convenience and employee satisfaction. Thanks to advances in mobile security and evolving employee demand, more businesses are taking advantage of this growing opportunity.

Why treasurers are going mobile

An increasingly secure mobile ecosystem is one factor driving business interest and creating more confidence in mobile access. Mobile has similar security safeguards as a desktop environment, with the added bonus of built-in biometric authentication that requires a fingerprint or retina scan to unlock the device. This feature isn’t widely available yet for office desktop computers. Biometric security actually enhances mobile device security, as it alleviates the risks of treasury employees using unsafe passwords and sharing the same passwords across multiple internet applications.