Interest in mobile banking continues to grow in the business world, as "on-the-go"" corporate treasury managers equipped with smartphones seek greater flexibility, efficiency, and productivity.
Treasury professionals are looking to use their phones and hand-held devices to keep abreast of account activity and accomplish time-sensitive banking tasks when they are away from their offices. In fact, about two-thirds (66%) of treasury executives surveyed by Aite Group late last year said they would be at least "somewhat likely" to perform basic transactions using business mobile banking services over the next 12 months. Only slightly fewer, 56%, expressed interest in performing more advanced functions by phone, such as approving transactions and initiating payments.
One of the biggest drivers of corporate mobile banking is the ability to improve productivity by increasing collaboration among users within an organization. For instance, with mobile banking, if a treasury staffer initiates an Automated Clearing House (ACH) transaction, and the treasury manager who is required to approve the transaction is out of the office, that manager can approve the transaction by phone to eliminate delays. The manager can execute this timely function while visiting the plant floor, waiting at an airport for a flight, or even from home.Mobile banking also enhances a treasury department's business continuity capabilities. For example, one night you don't bring your laptop home with you and the next day your city is hit with a major snowstorm or natural disaster that hinders travel or prohibits access to your office location. As long as you have your smartphone, you can continue to perform many critical daily treasury management duties, such as initiating time-sensitive trade payments.
Business Mobile Banking at First Tennessee
First Tennessee Bank recently launched Business Mobile Banking, which includes treasury management functionality. The service is available to users of Business Banking Online. There is no additional monthly fee for the mobile service, although data plan and activity charges from the user's phone provider may apply.
First Tennessee is one of the first banks in its trade footprint to offer a business mobile banking service that includes unique treasury management functionality. Business Mobile Banking enables a treasury manager to view account balances and transactions, pay bills, initiate stop payment requests, and approve ACH payments and account transfers. Additionally, users can:
- View check images and transactions on positive pay, and communicate to First Tennessee decisions about positive pay items
- View controlled disbursement presentment totals
- View lockbox totals
- Receive alerts upon login
Two additional Business Mobile Banking features that will be available in the next year are the ability to scan checks and approve wire transfers
Same level of security
Users of Business Mobile Banking utilize the Web browser on their smartphones to access treasury management functionality. Most of the treasury management capabilities accessible through Business Banking Online are available through the mobile channel, and multiple users at a business can engage in mobile banking.
Business Mobile Banking provides the same level of security as Business Banking Online and utilizes the same user permissions. The service is available 24/7 and technical support is available through the First Tennessee Business Service Center.
To sign up for First Tennessee's Business Mobile Banking, contact the Business Service Center at 888-382-4968 or by e-mail. Visit ftb.com/bizmobile for more information.