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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.
"An astounding 31% of small businesses state they either definitely or probably will switch or consider switching financial institutions over the next two years."
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.
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.
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