Mobile technology has transformed the way people work, providing a means to link back to work systems when out of the office, offering a way to find out information, and providing essential apps for performing work away from the company’s home base.
And increasingly mobile devices are being used for the finances side of things, with employees able to log their expenses using their smartphones. Another area in which mobile has potential to help small businesses is banking.
While many people now use mobile banking apps to keep track of and manage their personal finances, using a mobile device also has potential to help small businesses do the same, particularly if used In conjunction with virtual banking. Here’s why:
Virtual bank accounts are set up to deal with customer needs and issues in a way that suits people best. This includes balances and transactions that are designed to be made online or using a mobile device.
Managing company finances via a mobile device means tasks can be completed without the need for employees to be in the office. If an invoice suddenly needs to be urgently paid, the managing director or a relevant member of the finance team can make the payment on their commute or once they’re at home.
As a result, staff don’t have to take their work computer everywhere that they go and can complete financial transactions, both domestically and internationally, outside normal work hours.
More effective customer service
Virtual banking offers 24-hour customer service, including online chat and chatbots, that can be accessed via mobile devices. Small businesses that have suppliers or customers located in different time zones will benefit from this in particular. It also means any issues can be resolved at any time of the day through a mobile device.
The functionality of mobile devices offers a number of ways to make virtual bank accounts more secure. They can be used for two-factor authentication, which requires a password as well as a one-time code that is sent to a mobile device.
In addition, many modern smartphones come equipped with biometrics technology, such as fingerprint, iris or voice recognition. These technologies can be employed to ensure only the right people are able to access the business bank account and manage the finances of organisations.
More time to focus on what’s important
With virtual banking, you can set up your account online and manage your finances on a tablet or smartphone. Financial tasks can be completed in minutes, meaning employees can spend more time on what’s important for the business, whether that’s innovation, recruitment or brand building.
The ability to complete finance tasks more simply and conveniently also offers greater scope for employees to work around other responsibilities, such as childcare, or to avoid a lengthy commute into the office just to perform financial transactions.
Encourage mobile payment
Virtual banking also supports a cashless way of doing businesses, which means retail businesses can more easily benefit from contactless payment. This encompasses customers using their mobile devices to purchase goods.
By embracing mobile payments, small businesses will offer customers an additional means to pay, which will boost income but also ensure the business is on board with a payment method that is likely to become more common.