99% of Businesses Use Online Banking, But Not for Everything
According to the new JPMorgan Chase study called “Trending in Digital Business Banking,” a staggering 99% of businesses use online banking in some capacity.
Business owners enjoy the ability to conduct their business from anywhere in the world, as well as having easy access to financial information. This frees up time so they can focus on other aspects of the business.
But online banking still does not fulfill all the needs business owners have. They like the convenience of online banking, but they have a “mix of complex business that requires in-person or phone contact.”
For instance, many customers and vendors still choose to pay with checks, limiting the amount of online banking a business can conduct. Some digital banking services provide mobile check cashing, but that is not always ideal in the corporate world. Ninety-five percent of respondents said they still receive payments by check, more than any other payment method. By comparison, 86% of business owners receive payments through direct deposit and 74% receive card payments.
Another barrier to entry is concern about cybersecurity. Nearly 70% of business owners said they were “extremely or very concerned” about security with online banking.
Business owners enjoy the personalized service they get from speaking to someone in person or on the phone. General account management and transaction processing is fit for digital banking, but other areas of business operations seem to be better left to one-on-one contact.