Boston, October 24, 2019 –Over the last several years, most banks have ramped up their focus on the coveted small-business customer segment, but few are seeing the level of success they anticipated. Small businesses continue to feel as though their needs are not understood, and many must go beyond their banks to fill gaps in bank product portfolios. Most banks have failed to keep pace as small-business needs have evolved and as the definition of banking itself has expanded.
This Impact Report explores seven common reasons why many banks are not enjoying the small-business success they hoped for. It is based on a July 2019 Aite Group online survey of 1,008 U.S.-based small businesses.
This 23-page Impact Report contains 15 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.