New apps for business mobile banking are gaining momentum

At the Business Development Bank of Canada (BDC), account managers use iPads to authorize loans for entrepreneurs of up to $750,000 in less than 30 minutes.

BDC’s Express Loan application is part of its commitment to develop online and mobile capabilities to make it easier and faster for entrepreneurs to obtain financing. Indeed, research shows that Canadians, especially millennials, increasingly expect to do their banking on their phones.

A December 2018 survey conducted by Abacus Data found that 56 per cent of Canadians used mobile banking in 2018 — a remarkable increase from 44 per cent in 2016 and 31 per cent in 2014.  Thirty-two per cent of financial transactions are done with a mobile device, according to the Canadian Bankers Association.

The transition hasn’t always been easy for financial institutions.  Legacy IT infrastructure creates challenges for integrating new applications.  As well, banks must ensure that new online services are fully compliant with financial and privacy regulations.  However, those that are successfully transforming their business are providing a better customer experience, while saving time and improving the profit margin for the company.  That’s why financial institutions are prioritizing the expansion of the mobile channel by integrating existing and new processes.

For BDC, Canada’s bank for entrepreneurs, the ability to improve service for account managers while maintaining the face-to-face customer connection was a key benefit to developing a mobile solution.

On October 2nd, join HomeEquity Bank CIO Alizabeth Calder and special guests Jorge Oliveira of BDC and Mary Ellen Power of OneSpan for “Revolutionizing Digital Loan Applications.” In this hour-long session, Calder, Oliveira, and Power will share how electronic signature integration into a native mobile app revolutionized digital commercial loan application and closings for BDC.

Also covered in this session:

  • Top criteria and considerations for financial institutions looking to design or launch a mobile app
  • Which key stakeholders to involve, and how to take a unified approach to integration
  • Best practices to ensure optimal design and workflows that lead to high adoption rates

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