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As part of our latest market outlook report for small business banking, we are predicting enhanced opportunities for financial institutions to provide products and resources for growth within the small business market.
Following the dramatic downturn in 2020, we have seen many small businesses struggle or shutter their doors entirely due to losses in revenue, disrupted supply chains, delayed payments and reduced customer demand. The road to recovery is long, with small businesses reporting that revenue, profitability and employment have nearly halved in 2020. Thus, small business customers represent both a risk and huge opportunity for banks — financial institutions must understand the challenges they face as it’s now more important than ever for financial institutions to provide the digital access to banking services that help small businesses survive and thrive.
Bottomline, a leader in intelligent engagement solutions for small business banking has compiled research from respected third-party sources, government data, and our own experience in the industry in order to complete this market outlook report. This report is intended to be a reflection on the current state of small business banking, as well as a look at where it is headed in the next few years, including:
The massive economic toll that the pandemic has taken on small businesses
Predictions for the future and the challenges small businesses will be facing next
How to prepare your financial institution to take advantage of the massive small business opportunity and the changes it will bring.
The resulting impact of the COVID-19 pandemic represents a $370 billion opportunity for financial institutions to provide accounting and payments services to these same customers. This infographic contains a compilation of data from a number of resources conveying the wide-spread impact of the pandemic on small businesses.
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.
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