Boston, March 23, 2017 – The small-business customer segment represents untapped revenue potential for financial institutions. Banks recognize the importance of evolving their strategies and product offerings to meet the growing needs of these customers, but 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.
This report analyzes the primary challenges banks face when serving small businesses as well as five key initiatives being deployed to achieve greater success with this customer base. It is based on in-depth discussions with and surveys of 18 large and midsize U.S. banks conducted between November 2016 and February 2017. The study findings also leverage the author’s strong knowledge of this market and the needs and expectations of small-business owners.
This 30-page Impact Note contains 23 figures and three tables. Clients of Aite Group’s Wholesale Banking & Payments service can download this report, the corresponding charts, and the Executive Impact Deck.
This report mentions Bank of America, Bill.com, Capital One, City National, Fundation Group, JPMorgan Chase, Mineral Tree, OnDeck, Regions Bank, and Viewpost.