Prioritizing the Right offerings to meet Small-Business Needs

Managing the finances of a small business is no easy task.

This critical customer segment needs access to tools that enable them to pay and get paid faster, as well as better forecasts of and reports on cash flows, to increase their chances of staying in business. Most business failures are not due to poor business models or ideas but rather poorly managed cash flow. Additionally, experiences in small-business customers’ personal lives and a greater overall comfort with technology have deepened their expectations for intuitive and modern digital banking interfaces, high levels of automation, and personalized experiences. In return, their businesses offer a huge revenue opportunity to those banks able to meet these expectations.

Simply holding a small-business customer’s checking account and loan business is no longer sufficient to win their heart and wallet. Banks must instead leverage the expanding banking ecosystem to better address their challenges, demonstrate an understanding of their needs, and build more multifaceted relationships to retain their business.