Why mobile business banking is a must-have for every Australian SME

June 22, 2024
minutes to read
Alice Surdy
Table of Contents

The Australian business landscape is evolving at a rapid pace, and the tools you use to manage your finances should be keeping up. The days of settling for one-size-fits-all banking solutions designed with individual consumers in mind are long gone. Your business deserves a mobile banking experience that understands your unique cash flow challenges, simplifies your day-to-day operations, and empowers you to make smart financial decisions in real-time, wherever you are. It's time to demand more from your bank!

Mobile business banking is no longer a luxury; it's an essential tool for streamlining operations, improving cash flow, and ultimately driving growth. This isn't just a trend; it's a fundamental shift in how businesses manage their finances.

The digital opportunity down under

In Australia, the appetite for digital banking among businesses is insatiable. According to a 2023 study by the Australian Banking Association, a staggering 98.9% of bank transactions are already made through online and mobile apps, which shows no signs of slowing down. While mobile banking adoption is still catching up amongst some entrepreneurs and business owners, the momentum is undeniable. Businesses are recognising the immense value of managing their finances on the go, with the same convenience and flexibility they've come to expect in their personal lives.

This shift presents a golden opportunity for financial institutions in Australia. Businesses that embrace digital banking tend to be more engaged, have higher transaction volumes, and are more likely to explore additional banking products and services. However, to truly capture this burgeoning market, banks need to move beyond basic online banking and offer a truly tailored mobile experience that caters to businesses' specific needs.

However, capitalising on this opportunity requires more than providing basic digital services. Businesses crave tailored solutions that address their financial needs, such as cash management, invoicing, payroll, and advanced reporting capabilities.

Thriday, a leading business finance management app, is at the forefront of this revolution. Recognising Australian businesses' unique challenges, Thriday has devoted its resources to creating an online banking experience that empowers business owners to take control of their finances.

To delve deeper into the world of mobile business banking and discover how it can transform your financial management, we invite you to explore our comprehensive Business Banking Guide.

Why Australian businesses needs mobile business banking?

It offers tailored solutions for unique needs.

Unlike individual consumers, businesses have complex cash flow needs. Mobile banking apps designed for businesses offer tools like cash flow forecasting, which can predict upcoming expenses and income based on past patterns. This helps businesses plan for future investments or identify potential shortfalls.

Another good thing about them is that they have robust security for sensitive data. Businesses handle sensitive financial information, including payroll data, tax records, and customer payment details. Banking apps with advanced security features like biometric authentication, transaction limits, and fraud alerts safeguard this data from unauthorised access and potential threats.

It offers efficiency and streamlined processes.

Mobile business banking isn't just about convenience; it's about harnessing the power of technology to revolutionise how you manage your finances. AI-powered apps like Thriday are leading the way, offering features that automate tedious tasks and streamline your financial management process.

AI-powered apps like Thriday are leading the way, offering features that automate tedious tasks and streamline your financial management process.
  • Handle multiple bank accounts in one place. Are you tired of juggling multiple logins and apps? With mobile business banking, you can consolidate all your bank accounts into a single view. Track balances, transactions, and cash flow across all your accounts, all from the convenience of your smartphone.
  • Receipt reconciliation made easy. No more chasing down paper receipts or trying to decipher handwritten notes. These apps use AI to match transactions with receipts, automatically categorise expenses, and streamline reconciliation.
  • Pay bills in seconds. Paying bills becomes a breeze. Snap a photo of the invoice, and the app will automatically populate the payment details. Approve the payment with a few taps, and you're done.
  • Automate accounts payable with AI. Say goodbye to manual data entry and endless paperwork. AI-powered apps can automatically extract data from invoices, match them to purchase orders, and even initiate payments, saving you valuable time and reducing the risk of errors.
  • Seamless fund transfers. Track profit, tax, or salary payments by easily transferring funds between your bank accounts within the app. This eliminates the need for multiple logins and simplifies your financial management.
  • Automated payment notifications. Keep your suppliers informed by automatically sending an email notification once a bill has been paid. This helps build stronger relationships with your vendors and demonstrates professionalism.

 A huge help in financial visibility and decision-making

Business banking apps provide unparalleled financial visibility, empowering you to make informed decisions confidently. Imagine having a real-time dashboard of your business's financial health right at your fingertips. You can instantly visualise your income, expenses, and cash flow through intuitive charts and graphs, identifying trends and potential areas for improvement. Need to know your top spending categories this month? No problem. Want to see how your revenue has grown over the past quarter? It's all there, presented in a clear and actionable way.

Customisable alerts act as your virtual financial assistant, notifying you of low balances, upcoming payments, or unusual activity. This proactive approach helps you stay ahead of the curve, avoid missed payments, and address potential issues before they escalate.

Some advanced mobile banking apps even offer cash flow forecasting. At Thriday, we leverage AI to predict your future financial position based on historical data and upcoming transactions. This powerful tool gives you a glimpse into the future, enabling you to plan for expenses, make informed investment decisions, and confidently steer your business towards greater profitability.

The future of your business is in your hands – literally

Mobile business banking isn't a passing fad; it's the key to unlocking your business's full potential. It's not just about the convenience of banking on the go; it's about gaining a competitive edge in a fast-paced business landscape.

Embracing online banking means more than just tapping on your phone screen. It means taking control of your financial destiny with real-time insights, streamlined processes, and AI-powered tools like Thriday that work tirelessly on your behalf. Imagine effortlessly tracking your cash flow, automating payments, and reconciling expenses while focusing on growing your business.

By embracing mobile banking, you're not just making a smart business decision but joining a movement reshaping Australia's financial landscape. Financial institutions are scrambling to keep up, but the true winners are the businesses that recognise the power of this technology and harness it to their advantage.

Bank smarter with Thriday

If you're looking for mobile business banking that truly understands the needs of your business, look no further than Thriday. Thriday is designed from the ground up for Australian business owners who want to stay on top of their finances and make data-driven decisions with ease. With Thriday, you get a powerful platform that seamlessly integrates with your existing tools, offers unparalleled insights, and comes with no account fees, no overdraft fees, and no minimum balance requirements.

Experience the Thriday difference. Sign up for a Thriday account today and experience the future of business banking.

DISCLAIMER: Team Thrive Pty Ltd ABN 15 637 676 496 (Thriday) is an authorised representative (No.1297601) of Regional Australia Bank ABN 21 087 650 360 AFSL 241167 (Regional Australia Bank). Regional Australia Bank is the issuer of the transaction account and debit card available through Thriday. Any information provided by Thriday is general in nature and does not take into account your personal situation. You should consider whether Thriday is appropriate for you. Team Thrive No 2 Pty Ltd ABN 26 677 263 606 (Thriday Accounting) is a Registered Tax Agent (No.26262416).

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