Wells Fargo Launches Mobile Business Banking

Recent postings here have highlighted mobile banking developments for consumers. Now Wells Fargo has launched its CEO (Commercial Electronic Office) Mobile for a select group of commercial banking customers.

According to a Wells Fargo press release this week, the new service is all about letting business customers see and act on key business and treasury management information instantly wherever they may be, instead of having to return to the office or call their office to make a transaction.

Wells Fargo says it is the first major US financial services company to offer mobile services for businesses.

Although limited in functionality now (users can view treasury reports through a secure browser session), new features on the way include wire approval, image positive pay exception management (to prevent fraud), and administration functions, like resetting passwords.

This service extends the offerings of the bank’s current CEO Business Portal, connecting business customers to cash management, credit, trust and investment services. CEO Mobile also offers the same strong security features as its online version.

This announcement is yet another example of how mobile banking is gathering momentum. In a study by Celent, researchers concluded that mobile banking will grow faster than online banking, with cell phones turning into mobile banking tools and virtual wallets, allowing banks to generate greater electronic payment and transaction volumes.