Magazine article Global Finance

Elegant, Yet Simple

Magazine article Global Finance

Elegant, Yet Simple

Article excerpt

Corporates are beginning to use mobile finance solutions not only for payments but also to monitor risk and plan for contingencies. By Paula Green

Mobile mania is just beginning to make its way into the world of corporate mobile banking; - most recently as a tool for contingency planning. The corporate mobile banking market is slowly maturing as new devices, cheaper data plans and faster networks are developed, but many companies are taking a slow and considered approach to mobile channel deployment.

Only 10 of the top 25 US banks are offering companies some type of mobile banking solution, according to a study by Boston research firm Cèlent. Among the big mobile corporate banking players outside the US are Deutsche Bank, Royal Bank of Scotland and ANZ in Australia.

The financial crisis curbed banks' ambitious plans for corporate mobile offerings, according to Jacob Jegher, senior analyst at Celent."It became a 'nice to have,' instead of a 'must do.'" But, says Jegher, "as mobile becomes more prevalent, this is becoming a 'must do'."


For Jeremy Husk, executive vice president of finance and operations at California apparel firm Koi Design, mobile banking has become indispensable. One of the biggest advantages of using a mobile banking solution is the efficiency and time savings, he says. "It gives me the ability to do a lot on the go," says Husk, who is responsible for payments, deposits and funds transfers at Koi.

Husk uses Wells Fargo 's CEO Mobile Deposit for payments from anywhere. And, just as important, it is a keystone in the firm's contingency planning: When Koi's payroll company experienced a glitch that delayed the payment of employees' salaries, Husk was able to electronically pay employees while playing golf with clients at an Arizona course.

Secil Watson, EVP and head of wholesale Internet solutions at Wells Fargo, says companies of all sizes and industry sectors are successfully using mobile banking services. …

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