Boston, July 17, 2018 – The large and growing small-business customer segment demonstrates financial sophistication and a willingness to pay for the right products—promising untapped revenue potential for financial institutions. Banks have begun to develop strategies to better meet these customers’ needs, but they must also anticipate how small-business customers’ expectations may evolve. While millennial-run businesses currently represent only a small percentage of total small businesses, could their needs provide important insight into the future needs of this segment?
This Impact Note analyzes the needs and preferences of millennial-run small businesses and compares them to those of more traditional businesses. 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, it also recommends steps for banks to take to better serve millennial-run small businesses.
This 22-page Impact Note contains 18 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.