Impact Study

In Association with

Banking as a Service: Predictions for 2023

Can SME and Corporate Entities Benefit with a Well Designed Corporate Mobile App?

For the longest time, most SME and corporate banking transactions have taken place on an Internet banking channel or by visiting a branch and no one was complaining. However, customer expectations have jumped leaps and bounds, especially when it comes to digital banking in the last couple of years.

It is true that SME and corporate banking mobile apps have not evolved at the same pace as their retail counterparts and the reasons are obvious; the gamut of operations involved with SME and corporate banking are far more complex than retail banking. This implies complex forms that involves data collection from a plethora of fields and several levels of checks and balances prescribed by regulatory and compliance authorities, just to name a few.

But that said, it must be remembered that every SME or corporate banking customer is also a user of digital retail banking services. Hence, expectations for mobile apps that simplify user journeys and add value is a given. With that in mind and our long relationships with banks from around the world, we have made a list of features that could be a part of SME and corporate mobile banking apps that would delight users.


Business owners, traders, or leaders can leverage the latest technologies incorporated into mobile apps to get a snap-shot view of the business account positions and cash flow in real time to make observation and take decisions on short notice.

2.Account Details

Most business entities have multiple accounts / products with different banks and hence, it is possible to provide a detailed view of all relationships right at your user’s fingertips. Also, if there is a need to access transaction records for specific date ranges or for specific beneficiaries / billers, it could be achieved through a simple filter criterion.

3.Authorization / Approval

Funds movement for business accounts is much more complicated when it comes to SME and corporate banking. Managing business funds and transactions triggers a series of approvals based on the type of transaction, limits, and availability of funds, etc. If a required person in the approval workflow is out of office, the management of finances for that transaction stops. Today, it is possible to enable the authorizer to view and authorize the transaction on the move as it is critical to avoid delays.

4.Fund Transfer

Raising and processing a fund transfer request 24 x 7 (interbank / intra bank / foreign currency) is also quite easy with mobile apps.

5.Bill Payment

While the regular bill payments could be scheduled through Internet Banking, there would still be a need for un-scheduled bill payments to be executed on urgent basis. There now exist technologies that can be built into mobile apps to avoid late payment fees or damage of goodwill.

6.Quick Pay / QR Code payment

There are instances when quick pay / QR based payment would be used while travelling. Based on the limit of the corporate user, this feature can be implemented in apps since it is quite commonplace these days. Payments can also be made without adding payees using quick pay option. QR Code within Mobile app can also be used by merchant to display and receive payment from the customers than providing all details.

7.Alerts / Notifications

Certain notifications like inbound wire transfers help users to take timely actions. The app can be designed to send alerts for scheduled payments / upcoming dues to ensure the availability of funds so that appropriate payments are made on time to avoid unnecessary confusion.

8.Cash Management

At times, when there is a requirement for sweeping cash between branches / group companies, etc. apps can now display availability and accessibility to avoid delays and manage funds efficiently.

9.Favorite transaction

Frequently used services / transactions can be made available in a ‘Favorite’ link for immediate access. This has to be a given!

10.Opening a Term Deposit / Liquidation

If there are ad-hoc funds received, those can be transferred to a term deposit / trading account immediately to avail better benefits than keeping in current account till getting access to a computer. Also, SME / business owners encounter liquid funds concerns a lot of times and if it becomes necessary for any statutory or critical payments, liquidating the available deposits can be done sooner through a mobile app.

11.Payee Registration / Management

Payee registration / management is a simple task on Internet banking channels. However, if the need for register / manage the payee comes at short notice, one could also do it with an app in a relatively short time. Once a payee is added, further fund transfers can be made in a few taps.

12.Finance Management

Corporate Mobile app can also be enhanced to pull invoices by integrating with ERP system and send requests or any such official communication via email to the end customer. This shall provide additional agility for streamlining of invoice presentment and quicker payment.

13.Service Requests

Raising service requests for financial and non-financial services have now become commonplace. This holds good for SME and corporate banking mobile apps with regards to stopping payments for a scheduled / recurring payments or blocking a card immediately if any fraud related transaction has been notified.

14.Branch / ATM Locator

In case a user is on the move, there are several APIs that can be integrated to search for the nearest branch / ATM in the vicinity and receive directions.

15.Multi-lingual Omni-Search with Voice capabilities

User can search for transactions across applications not only by using text-based search but also through voice commands with a wide range of language options to choose from.

To conclude, business owners / traders / and executives are constantly on the move and there is a growing demand for mobile apps for a bank’s SME and corporate customers. To know more about how our corporate banking solutions can help you stay ahead of the competition, write to us at

We’d love to be a part of your digital banking journey!

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