While many banks place an emphasis on tailoring products and services for mid- to large-sized businesses, Aite Group estimates that 35% - 40% of small businesses are treated more like consumers and offered similar products and services that serve that market. These one-size-fits-all solutions can often fall short of fulfilling the needs small businesses have, which can lead to those businesses seeking alternatives like emerging fintechs that offer the essential digital components businesses demand.
The good news is that with a few essential digital services, banks can deliver small businesses an affordable option for more sophisticated offerings and a better online experience. Education is another key component because many small businesses are either unaware or don’t understand all of the electronic payment options that are available, which gives banks a big opportunity to add value to their small business customers and strengthen those relationships.
Here are the six essential digital components banks should consider adopting to keep their current small business customers and attract more:
- Digital account opening and onboarding options
- Simplified and efficient digital payment optimization
- Visibility into liquidity and cash management
- Mobile banking capabilities
- Robust digital security platform
- Customer insights leveraged with AI and machine learning tools
For more details on the six essential digital components that banks should adopt to better service their small business customers, download the full report: “Digital Banking Access & Enablement for Small Businesses”
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