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: 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. https://www2.gotomeeting.com/register/475514434