Underserved and overwhelmed
Many small businesses, under-served by their banking partners, are increasingly turning to larger banks, with more robust digital capabilities, or to emerging fintech challengers with more compelling value propositions.
Many banks have made the mistake of believing their small business clients would not need or value more sophisticated digital services, including cash and liquidity management, which too often finds them offering simple, one-size-fits-all, retail banking solutions that fail to meet the needs of many business clients.
The Covid-19 crisis and the resulting impact represents a staggering $370 Billion opportunity to provide accounting and payments services to small and medium sized businesses
Source: Cornerstone Advisors