As small business online migration accelerates, digital account opening can play a critical role in driving high-value new growth. Successful financial institutions will capitalize by delivering a consultative and engaging user experience that is tailored to smaller firms’ specific needs, while also driving new levels of intelligence, scalability and efficiency through integration and automation.

Facing immense pressure in 2020, small businesses have demanded unprecedented support and guidance while accelerating their adoption of digital technologies. Whether helping clients obtain Paycheck Protection Program loans or shifting to remote service delivery in the wake of branch closures, financial institutions have had nearly every engagement channel and relationship management process tested. Their performance in guiding small businesses through these turbulent times will impact their growth and performance for years to come.

Why it matters

Since early February, total volume across all application types is over 35% higher than it was in 2019. Online applications have continued to outpace last year by 20% in recent months, even as an early summer spike has moderated.

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