When last autumn we, at the SME Banking Club, analyzed the functionality of Online and Mobile banking solutions for SMEs (90 parameters were considered) in the CEE region we saw some increase in the functions and products available for business customers in the mobile channel, compared to 2019, but still, online banking remains the main remote channel for business customers that banks are developing for that sector.

KEY TRENDS

  1. Customer identity verification with biometrics

In 2020 banks started to use biometrics for business customer and payment authentication, which we have not seen in the year 2019. So, this is a very noticeable change together with a trend of moving away from the hardware solutions (like tokens). Biometrics is a balanced approach to have secured solutions with good user experience and at an adequate cost.

Based on the SME Banking Club Study around 50% of the banks implemented payment authentication with biometrics and 70% offer biometrics option to login into the mobile application.

2. Available product range

Banks increased a bit the range of products SME customers can use in banks’ mobile applications. In the main part of the banks (around 70% of the banks) in the CEE region access to current account information, transfers in local currencies, FX modules are available for business customers, while lending products and mobile application for a loan are still offered by few banks in the region (less than 30%).

3. Scan & Pay transfers

Functionality that makes mobile banking application convenient for fast payment, with no need to input manually payment details by the customer, just scan and pay from wherever the customer is.

4. Accounts Aggregation

Three banks (ING bank in Poland, FiBank in Bulgaria, and Moneta Money Bank in the Czech Republic) in the region implemented account aggregation for their business customers (based on the Account Information Service AIS(PSD2) so that SMEs in their mobile application have access to account balances and account history from other banks.

BEST MOBILE BANKING SOLUTIONS FOR SMEs

Based on mobile banking functionalities SME Banking Club did a ranking of the best 20 solutions in 2020, which looks the following way:

The best Mobile banking application in 2020 for SMEs is: ING Bank – Moje ING

READ MORE ABOUT ANNUAL SME BANKING AWARDS

Differentiation features:

  1. Possibility to open current account via Mobile Banking
  2. Account aggregation
  3. Full process of applying for a loan till disbursement and repayment is available in mobile application
  4. Customer can customize dashboard and the information on account without Log In to Mobile Application

A customer can set the access to the following functions that they can proceed without logging in to Mobile App:

  • See balance on the current account
  • See Debit and Credit card balance
  • Set up how they see the information on the screen: amount, percentage, or nothing
  • Make transfers between their own business accounts, personal accounts by adding icons of transfers and mobile payments to the dashboard.

 

To get access to more detailed analysis and description, please request the Mobile Banking for SMES Study here or at [email protected]

 

Additionally on the topic:

Watch SME Banking Club webinar devoted to the functionalities of Online Banking and Mobile Banking for SMEs (based on the materials of Online Banking for SMEs Study and Mobile Banking for SMEs Study produced for the CEE region in 2020)