On-the-go business banking finally levels up

The shape of Canadian business is changing. One area that is mission critical for business owners of all sizes is digital banking.

It’s a need that has to be met with solutions that work seamlessly and with the highest level of security. Mobile access is now considered “table stakes” as many executives want to have anytime, anywhere access to their businesses, especially while on the go.

Answering the call of businesses of all sizes across Canada, Scotiabank has launched its Mobile Banking for Business and Digital Token apps, which work together to deliver an effortless mobile business banking experience.

Our mobile apps are engineered to:

• Meet the needs of the on-the-go business leader

• Deliver the same level of security and peace of mind as the previous physical token system

• Free up business clients from their desktops or laptops

• Help businesses reduce time spent on administrative tasks and gain more time to grow their businesses

• Enable key business tasks, such as approving and submitting payments

A finger on the pulse of businesses’ evolving mobile needs

Importantly, it’s one of the first integrated mobile app solutions of its kind in Canada and introduces a new degree of flexibility and security.

We listened to the needs and concerns of business leaders to develop the apps. We did so by surveying a cross-section of businesses. Our in-depth findings can be found in the Scotiabank Global Brand & Customer Insights Report.

Researchers asked small-, mid- and commercial/corporate-sized businesses their opinions regarding smartphone use, mobile payment preferences and security concerns. Respondents represented Scotiabank and non-Scotiabank customers, a wide spectrum of industries, and major regions across the country.1

Here are some of the key insights from the report:

• Most transactions conducted online – Half of business banking transactions were done through online banking for small- and mid-sized businesses. This number is even higher for corporate/commercial businesses at about 60%.

• Smartphone usage, digitization up – All three business sizes reported increased use of smartphones and more digitalized documents in the past two years (50% mid-size, 47% corporate/commercial, 35% small business).

• Comfort levels rising – All three business segments said they were comfortable using smartphones for business. While desktop computers/laptops are still the most popular, one in four small businesses and more than four in 10 mid-sized and corporate/commercial businesses said they used smartphones for business banking.

• Decision makers “always-on” – Many financial decision makers described themselves as “always on” or “working on being always on” for their customers (37% corporate, 23% mid-size, 28% small businesses).

• Data security, regulatory issues growing – 43% of corporate/commercial businesses said heightened data/customer security (48% mid-size and 47% corporate/commercial) has become a greater priority.

• Keeping up with technology – All three business sizes (38% mid-size, 37% corporate/commercial, 32% small business) said that they faced constant pressure to keep up with new technology.

Innovative solutions that expand on-the-go capabilities

We had a clear vision as we started our new mobile app development process: to complement our online banking solution with key business banking features that meet on the go needs. We wanted to maintain the high level of security customers have come to expect from our digital solutions while eliminating pain points such as the cumbersome and costly process of using a physical token. Prior to the release of our solution, business customers were limited to online banking requiring them to be at their desk or laptop and had a carry a physical token to generate a one-time password.

Today, our business customers have the choice to opt for the newly released Mobile Banking and Digital Token apps – available to users free of charge. The standalone apps enable business owners to enjoy on-the-go access to account details and transactions, transfer between accounts, and approve and make bill payments from their mobile device.  Coupled with the standard security that protects a mobile device, the digital token provides the same secure access to online banking, without the physical token. It also works seamlessly with the Mobile Banking for business app.

The result? Businesses can now perform crucial digital banking functions with the “anytime, anywhere” access that they’ve been asking for. It’s especially beneficial to busy managers, staff and CEOs who are away from their physical office space. They can now perform banking activities without delay and with the safety and security they have come to expect from a digital banking solution.

Whether on the road, in a meeting or away from their desks, the integrated solution gives decision makers and business leaders greater flexibility. Users can safely view balances and transactions and approve and submit payments from the convenience of their smartphones. Ultimately, the solution is a game changer that empowers business leaders, giving them greater flexibility to conduct digital banking seamlessly in a mobile-first world. 

Stay tuned for more innovative business banking features

Scotiabank is working on delivering even more innovative features for your business to ensure we’re keeping pace with your needs. To download the apps or to read more about Scotiabank Digital Banking, go to scotiabank.com/mobilebusiness

_{¹ Scotiabank, Global Brand & Customer Insights Report, December 2017.}