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Twitterview on Small-Business Banking Between Yodlee and Christine Barry

Earlier today, Aite Group’s Christine Barry held a Twitterview with Yodlee Inc. about small-business banking requirements. If you didn’t get a chance to see our Twitterview as it was happening, you can read the interview transcript below or search Twitter for #smallbizbank. It would be great to get your answers to Yodlee’s questions or to see what you think about Christine’s responses.

Yodlee: Welcome, @CBarry_aite. We’re excited to get your insights on small-business banking!

Christine Barry: Thanks, @Yodlee. Happy to be here.

Yodlee: Let's get started! From your research, what are the biggest challenges for small-business owners?

CB: Effectively and efficiently managing funds: forecasting cash flows, managing receivables, and automating manual processes.

Yodlee: Cash flow is definitely king. Why are small businesses important for the financial industry?

CB: They represent untapped revenue potential to make up for lost fees in other areas.

Yodlee: What can banks do better to serve small-business customers?

CB: Recognize they are businesses, not consumers. Offer business capabilities, broaden product portfolios, and address pain points.

Yodlee: Why do you think there is this gap today between what small businesses need and what banks offer?

CB: Most banks serve them like consumers. Also, bank offerings and strategies are not evolving as quickly as customer needs are.

Yodlee: How important is the digital experience to small businesses?

CB: Critical. Online is preferred for bank interactions. Businesses consider online and mobile capabilities when choosing a bank.

Yodlee: We agree! What's the upside/value/ROI for banks to attract and engage small businesses?

CB: Large in number (>20 million), new revenue stream, ability to grow with them, and untapped segment.

Yodlee: Thank you, @CBarry_aite, for a great conversation on small-biz banking. For more info, register for our webinar on May 15.

CB: You are welcome, @Yodlee. Looking forward to the webinar.

Yodlee: Banking on small-business needs webinar on Thursday, May 15, 11:00 AM-12:00 PM ET.