With time pressures mounting on business owners in Canada , CIBC (CM.TO) (CM) today announced an innovative new cash management mobile app for business clients, allowing them to manage cash flow and approve vital business payments, anywhere, anytime.
This new development comes at a time when business owners and managers say they are under more pressure than ever and are increasingly required to be away from their desk during business hours in order to grow their business.
Key findings of the poll include:
39 per cent of business owners report having a higher stress level now than before they started a business with 37 per cent who say they are under the same level of stress.
Only 24 per cent said their stress level had gone down since starting a business.
48 per cent work more hours each week than they did before they owned their own business while 32 per cent work roughly the same number of hours as before they owned a business.
Only 21 per cent reported working fewer hours.
"Cash flow is more important than ever to businesses, but with unpredictable hours and other time pressures, business owners and their managers need the ability to stay on top of finances and take care of time-sensitive payments on short notice," said Phil Griffiths , Senior Vice President of Global Transaction Banking, CIBC. "Business owners need to invest their time in growing their business, and can't be tied to the office because they are waiting on an important payment or to approve a key transaction."
Mobile Devices Popular Among Business Owners
According to the poll, 74 per cent of business owners or managers own a smartphone for business use. That exceeds the ownership rate among Canadian consumers based on results from past CIBC research.
To help business owners deal with increasing time pressures, CIBC is the first among the big five banks to introduce a robust mobile cash management app that allows business clients to approve key transactions across multiple payment types while they are on the go.
Using the secure CIBC Mobile Business app, business clients can:
remotely access real-time account balances and transaction history
approve payments such as wires and electronic funds transfers
obtain real-time foreign exchange rates for cross-currency payment settlements
receive mobile notifications on pending approvals allowing business owners and managers to ensure time-sensitive payments are not missed
"Our new app is aimed at business clients who need an unparalleled level of access and flexibility with their cash management platform," said Mr. Griffiths. "Mobile banking for personal clients has grown rapidly in just a few years, and we're expecting mobile banking for business owners to be well received because of the tremendous flexibility it offers."
More information about the app is available at cibc.com/mobilebusiness
The app is available for download from BlackBerry App World and the Apple and iTunes App Store .