April 17 - A new research report from Barlow Research investigates the mobile opportunity in the small office/home office (SOHO) segment and makes comparisons across five major banks’ mobile offerings: Wells Fargo, Bank of America, Chase, PNC and U.S. Bank.
Barlow Research investigated the SOHO mobile banking opportunity in two ways: analyzing best practices among top banks and defining the most marketable mobile banking package. At a minimum, best practice banks had six common mobile banking features; however, many unique features set each institution apart from one another. Additionally, Barlow Research found that over a quarter of the SOHO market was interested in a particular checking account package that included mobile banking. Among those interested in this package, 62% were willing to pay a fee.
There are over 20 million SOHO firms in the U.S and the SOHO segment has the largest population of firms with business owners under the age of 35 – the most fertile ground for mobile banking adoption.
“With the size of the SOHO market being so large, financial institutions have a unique opportunity in the SOHO space if the mobile offering has the right features,” said John Barlow, President of Barlow Research Associates.
Barlow Research’s Mobile Opportunity SOHO Snapshot report takes a dynamic approach by answering five fundamental questions:
1. What are the attributes of a mobile-using SOHO?
2. How do SOHO mobile banking users use their bank differently?
3. What is the potential for mobile banking growth in the SOHO market?
4. What is the competitive landscape of mobile offerings in the SOHO segment?
5. How can the mobile channel be utilized as part of a product offering to SOHO customers?
“Not only are the majority of these firms already using smartphones – including iPhones and Androids – but most SOHOs are also looking for an easier way to manage their business,” said Joel Mueller, Research Analyst specializing in SOHO research.
For more information about Barlow Research’s Mobile Opportunity SOHO Snapshot report, contact Barlow Research Associates, Inc. (763) 253-1800, SOHO@BarlowResearch.com
About Barlow Research Associates, Inc.
Barlow Research Associates, Inc. was founded in 1980 to provide research to the financial services industry. With a focus on business banking relationships, Barlow Research provides syndicated and custom solutions to the market research needs of small, medium, and large banks in the United States.