Smart banking revolution starts in the small business sector

Banks are poised for a radical technical shake-up after consumer watchdogs announced customers must be able to access details of their entire finances through a single mobile app by 2018.

The so-called “smart banking” phenomenon will relieve many of the money management headaches small business owners experience. Issues such as juggling multiple bank accounts, managing expenses and international payments make it incredibly difficult for SMEs to get an accurate financial overview. So, the ability to consolidate all of your finances into one app could save small business owners and freelancers in particular both time and money.

The smart banking revolution is already quietly marching on in the SME sector, with one innovative mobile solution already available to consolidate small business owner’s finances into a single app.

The Curve solution is made up of two parts: a bank card and a mobile app. Using the app, you scan and upload all of your existing bank cards. This information is brought together to show every transaction in real-time across all your bank cards on one simple screen. You can even tag specific transactions as expenses and export this information into your accounting software.

Here’s the really clever part, though. Your existing bank cards then become virtual entities in the app, and you only need one physical card to pay through multiple accounts – the Curve MasterCard. The app links to the Curve MasterCard so you can switch between your existing cards by selecting them in the app. Each payment instantly appears on the app, which is a reassuring line-of-sight to pick up potentially fraudulent activities. Curve is also accepted everywhere that MasterCard is and – the app is currently available only on the iPhone, but will be rolled out on other plaforms later this year.

It’s a disarmingly simple solution for a range of financial bugbears many SMEs face. Until its consumer launch early next year, Curve is available to small business owners and the self-employed – giving an exclusive glimpse into the smart banking revolution.

Charlie Taylor is growth and analytics lead at Curve


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