Mobile Cash Management

Transcription

1 Mobile Cash Management Best Practices Presented by: Dawn Papadatos Date: April 24, 2017

2 Agenda I. Current Mobile Banking Landscape II. Benefits of Corporate Mobile Banking III. Mobile Security IV. The Future of Mobile V. How to Drive Adoption VI. Key Takeaways VII. Questions

3 I Consumer Mobile Mindshift 87% of the US population has a mobile phone The mobile mind shift is defined as the expectation that a mobile user can get what they want in the immediate context and moment of need 1 What did you do, if anything, in response to a problem(s) you had with a mobile app in the last three months? Uninstalled/removed the app from my device 53% Stopped using the app completely 37% Used the app less frequently 19% 1 Source: Forrester Executive Overview: The Mobile ebusiness Playbook Aug 2016

4 I Personal Mobile Banking 54 % Cited the mobile channel as one of the three most important ways they interact with their bank Adoption of mobile financial services continues to Increase Fifty-three percent of smartphone owners with a bank account had used mobile banking in the 12 months prior to the survey 1 Ninety-four percent have utilized mobile to check account balances Fifty-eight percent to transfer money Forty-eight percent to deposit a check Consumers and Mobile Financial Services 2016 Federal Reserve Board Reports and Publications

5 Why Corporate Mobile Banking? II

6 II Why Corporate Mobile Banking? 50 % of the workforce will be millennials by Gen Z will be entering workforce next year. Corporate landscape is changing Workforce is more mobile Work is not confined to traditional office 24/7 work schedule Workday doesn t end at 5 Business continuity and security Payments still need to be approved if traveling Source: The Current and Future State of Corporate Mobile Banking Around the Globe Aite July 2015c

7 II Corporate Mobile Banking can 30 % of large corporate and middle market entities are using corporate mobile banking Untether you from your desktop computer Anytime - Anywhere Give you more ways to track payments Streamlined for mobile Allow you to approve wires and ACH transactions Meet term requirements for discounts Source: The Current and Future State of Corporate Mobile Banking Around the Globe Aite July 2015

8 II 51 % Of treasurers surveyed have used corporate mobile banking to approve wire payments. Corporate Mobile Banking can Help you make time critical decisions on positive pay items Suspect item review Provide a way to transfer funds to maximize investments Give access to approve user services Allow you the ability to remotely deposit checks One time deposits or field drivers Source: The Current and Future State of Corporate Mobile Banking Around the Globe Aite July 2015

9 II Mobile Deposits Middle Market Future Expectations: 59% - Transfers 43% - Analytics 32% - Mobile Deposit Growing need for mobile deposits Use cases: Companies who centralize process but received checks decentralized Lockbox clients with the random check that appears at office Employees on the road collecting checks Source: The Current and Future State of Corporate Mobile Banking Around the Globe Aite July 2015

10 III Diminishing Concerns about Security In 2010, 43% of Treasury Executives were concerned about mobile banking security. By 2014 that dropped to 5% Why? Source: Forrester the Mobile ebusiness Playbook March 2016

11 III Accessing your bank's mobile site or using the bank's mobile app is as safe or safer than accessing the bank's website on a computer. Corporate Mobile Banking Security Features Username/Password Online Dual Controls Tokens Additional Entitlements Device Security Mobile Biometrics Security Questions Vendor Solutions

12 III But, mobile banking cannot help. 23% Of recipients open phishing messages and 11% click on attachments 50% Open and click on phishing links within the first hour 95% Of Malware showed up for less than a month, and 4 out of 5 only lasted a week 70 90% Of Malware samples are unique to an organization 60% Of incidents were attributed to errors made by system administrators 99.9% Of exploited vulnerabilities were compromised over a year after they came out Source: Verizon s 2016 Data Breach Investigations Report

13 IV The Future of Mobile 49 Average number of hours spent per month on smartphone apps Broadening the target market Corporate Treasurers CFO s Better leveraging native mobile capabilities Imaging and GPS Increasing functionality Enhanced transactions advisory information Source: The Current and Future State of Corporate Mobile Banking Around the Globe Aite July 2015

14 IV What is the Plan? Roadmap items Credit Pay-Downs Trade capabilities Commercial Card Integration Expense submission Request higher line of credit Source: The Current and Future State of Corporate Mobile Banking Around the Globe Aite July 2015

15 VI Done well, mobile makes things enjoyable - Like UBER - pain-free, seamless and almost magical Steps to drive adoption Design to meet the customers need Easy to navigate Technically superb Quick sessions are often evidence of a great easy to use mobile design Internal marketing Measure what matters! Source: Forrester the Mobile ebusiness Playbook March 2016

16 VI Key Takeaways Mobile Banking today is more secure than ever Corporate mobile banking makes it easier to keep business going Consider mobile if you have a lean staffing model, decision makers who are frequently out of the office or the need for mobile deposit Digital Natives will make up 50% of the workforce in four years mobile is here to stay

17 Questions Questions Questions Questions Questions Questions Questions Questions

18 2016 KeyCorp. KeyBank is Member FDIC. Credit applications are subject to credit approval