For financial institutions, it's important to realize that the digital banking services needed by small businesses may be different than those needed by your larger banking customers. As the banking industry continues to evolve, new opportunities arise for leveraging strategies for customers of all sizes follow - specifically on the digitization front. And keeping your service offerings current is important to keeping your customers.
14% of small businesses reported a plan to switch FIs over the next few years. What can you do to differentiate your financial institution in the market and succeed with small business customers?
- Take a personalized approach to customer experience. When it comes to customer experience, there is no “one size fits all” approach. That doesn’t mean FIs have to be everything for everyone, but there is an opportunity to design a specialized, digital-first approach that is unique to customers.
- Keep current on marketplace trends and maximize opportunities. New opportunities abound for FIs in this digital era, yet many are not leveraging new technology or investing in relevant solutions. It's important to keep in mind that user experience for small businesses is key, and they expect a variety of payment options that come with end-to-end visibility.
- Build the right partnerships. Only 50% of small businesses view their FI as a true partner, which is an important component to building long-term relationships. Knowing your customer and offering tailored solutions will go a long way to solidify that partnership.
When looking to partner with a primary financial institution, small businesses want options such as cutting-edge digital capabilities, seamless user experience, and innovative products that are personalized to meet their business needs such as:
- Receivables tools to boost efficiency
- Effective onboarding practices
- Data transparency and visibility into money management
- Real-time payments capabilities
For more actionable insights into the banking industry and how your financial institution can best meet the needs of small business customers, watch the full webinar with Norm DeLuca, Managing Director Bottomline Banking Solutions, and Christine Berry, Research Director at Aite: “The Essential Digital Banking Services Needed Now by Small Businesses”.
For further insights into the payments industry and beyond, subscribe now and stay up-to-date on the latest tips, trends, and topics. You can also check out The Payments Podcast, where experts weigh-in on real-time factors impacting the payments industry.