Bank of America says its mobile banking platform has surpassed one million small business users.
This means almost one in ten users of the bank’s app – which has 13 million mobile users in total – are small and medium business rather than personal customers.
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The app lets business owners manage finances from a mobile phone or tablet, make bill payments, pay suppliers or employees and track recent transactions.
A cheque deposit app lets business owners accept a payment by using their device’s camera to photograph a cheque, while a mobile app alert gives real-time updates to their accounts such as a low balance or overdue bills.
The bank has yet to attract all of its 3 million business customers to use the app, with business mobile users compromising one third of overall businesses using the bank.
Mary Bintz, head of small business sales at Bank of America, said the app reflected the way business owners are often on the move. "Today’s small business owners aren’t behind desks all day, and many don’t even have a desk," she said.
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By GlobalData"They are in their cars and trucks, on factory floors, shopping for supplies and visiting clients on-site. Bank of America’s Mobile App has kept pace with their demanding schedules by offering full access to their finances right in the palm of their hand," Bintz added.
Marc Warshawsky, head of digital products at the bank, described its growth in mobile business users as a "milestone".
"This validates our commitment to meet the banking needs of small business clients and the customers they serve," he said.
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