Boston, January 25, 2018 – More than 6,500 banks in the United States serve small businesses, and most of them have increased their focus on winning this customer segment’s business over the last few years. Several credit unions and many fintech companies have also set their sights on growing their small-business market share. Among this increased competition and higher customer expectations, what can banks can do to better position themselves to win or win back the coveted small-business customers?
This report examines key differences among customers banking at each institution type across critical areas such as technology-savviness, willingness to pay for products, preferred channels for onboarding, and sophistication of needs. It is primarily based 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.
This 24-page Impact Note contains 17 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.