Boston, October 12, 2017 – Seeing increased success in the small-business banking space has become an area of focus for most U.S. banks, and providing the right user experience is a crucial component to that success. The onboarding process creates the first impression a small-business customer gets of a bank and its services, yet more than 75% of large and midsize banks admit their current process is inefficient or not where it needs to be. Can investments in onboarding, especially digital onboarding, help banks remain competitive and reach their new business goals?
This Impact Note explores the importance of efficient onboarding in the small-business banking space and helps banks build the case for investing in new digital onboarding capabilities. It is based primarily on the results of a June to July 2017 Aite Group survey of 1,000 U.S.-based businesses generating between US$100,000 and US$20 million in annual revenue as well as data from recent Aite Group surveys of large and midsize banks conducted during 2016 and 2017.
This 24-page Impact Note contains 19 figures and one table. Clients of Aite Group’s Wholesale Banking & Payments service can download this report, the corresponding charts, and the Executive Impact Deck.