Boston, March 31, 2016 –Small businesses represent an important customer segment for banks, but small-business needs and technological savvy are growing, and fintech companies are only too happy to fill in bank gaps. To woo small-business customers, banks must invest in small-business technology offerings, seek to understand customer needs, broaden and deliver user-friendly offerings, and communicate value propositions that justify payment. Banks are well-positioned to win this business, but they could easily lose it by moving too slowly.
Based on an October 2015 online Aite Group survey of 1,000 U.S.-based businesses generating less than US$20 million in annual revenue, this research serves as a roadmap for banks: It highlights small-business attitudes toward technology and innovation, reveals what small businesses are willing to pay for, and details the new products and services small businesses require.
This 31-page Impact Note contains 30 figures and one table. Clients of Aite Group’s Wholesale Banking & Payments service can download this report.