Seventy-two percent of large and midsize U.S.-based banks believe that achieving greater success with small-business customers is critical to their overall success.
Boston, March 23, 2017 - The small-business customer segment represents untapped revenue potential for financial institutions, and banks are recognizing the importance of evolving their strategies and product offerings to meet the growing needs of these customers. However, this is often easier said than done. Success in this space demands an improved user experience, investments in more modern technologies, employee training, and increasingly, partnerships with emerging financial technology players.
“Forty-five percent of large and midsize banks give themselves a 'weak' or 'very weak' rating for their ability to evolve their small-business offerings as quickly as small-business expectations change,” says research director Christine Barry. “Banks need to be more nimble and forward-looking to succeed in this space,” she says.
This report, Large and Midsize Banks’ Strategies in the Small-Business Space, is based on in-depth discussions and surveys with 18 large and midsize banks, with the smallest bank participant assets at US$12 billion. The report analyzes the primary challenges banks face when serving small businesses and the five key initiatives being deployed to achieve success with this customer base. Readers will gain a better understanding of key industry trends and a potential roadmap for IT investments, product offerings, and strategic direction.
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