Mind the Gap: Are you Meeting the Digital Banking Needs of your Small Business Account Holders?

Mind the Gap: Are you Meeting the Digital Banking Needs of your Small Business Account Holders?

User behavior continues to change, with consumers and businesses gravitating towards digital conveniences. The same can be seen within the banking space, where many account holders now rely on remote and digital banking for day-to-day transactions and simple payments. In addition to anytime, anywhere access, small businesses are taking advantage of this shift by capitalizing on the desire for quick, reliable digital services that allow them to maintain their personalized, local connections.

Today however, many are not finding their solution needs met with the products and services offered by larger institutions, and are instead turning to community-based banks and credit unions who offer added scalability and customization potential. In addition to digital tools, SMBs often require an agile approach to support their businesses, highlighting a perceived gap in capabilities between existing stand-alone consumer and business banking platforms.

Depending on the size of the entity, some SMBs can successfully rely on consumer-based digital banking solutions. Other larger, more established businesses, however, require features not available in these products, but find the offerings of larger institutions too intricate, expensive, and out of reach. As the banking market continues to grow in the digital age, this is where community banks and credit unions are stepping up, linking their own personal connection to the community to bring about success with their SMB account holders.

In addition to online and mobile account access, cash management capabilities, and integrated payment tools like multi-check deposit, small businesses require specific features to sustain their organizations. Some business banking platforms offer built-in capabilities, whereas other open solutions allow for integrations through pre-built configurations and add-ons for additional flexibility:

  • Integrated payroll capabilities, ACH, or business-specific bill pay
  • Tools that enable the sending of digital invoices and the collection of payments at the point-of-sale (POS)
  • Permission-based access for employees
  • Transactional limits and approval thresholds to promote Dual Control
  • More specific card controls as they provide employees with business cards 
  • Customizable alerts and notifications
  • Access to data visualizations and reports for more informed decisions and the ability to gain a holistic view of the business, as well as to leverage personalized campaigns and offers

It is here that NXT, Alogent’s unified online, mobile and digital banking platform, can assist community banks and credit unions and their SMB partners, and address this seemingly underserved market. As one platform with integrated capabilities, NXT enables your institution to blur the line between consumers and businesses, and to easily substitute more advanced business services as your institutional offerings grow. Users gain access to a single platform with the same user experience, making it simple and intuitive to navigate. Adding complementary services that keep users in-solution is simple, supporting SMBs as they grow and building upon your established institutional loyalty.

In the age of digital financial services, stand out as an institution that offers solutions to address all needs of your account holders, including those that highlight your personalized, community touch. It’s easy with NXT’s open and API based platform.

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