Industry Insights: Keeping Small Businesses Close

Industry Insights: Keeping Small Businesses Close

Digital banking tools may be key to earning their loyalty

Small business—still the backbone of the U.S. economy—needs advanced banking services as much as their bigger cousins, or for that matter, as much as individual consumers. But they often don’t often get them.

Consider the fact that—aside from balance lookups and transfers--few advanced digital or omni-channel options are offered for small businesses, even though over half of them prefer to use mobile devices for business (Wells Fargo/Gallup Small Business Index, 2016). In addition, small businesses are a great source of low-cost deposits and loans, are willing to pay for the services they need and often generate ancillary personal investment and estate accounts (Monetizing Digital Banking Products for Small Business Customers, 2017).

Is it time for banks and credit unions take a closer look at this market segment when making their strategic and technology plans?

We’ve collected a few recent articles to help you better understand the opportunities you may be missing:

About the Industry Insights Series

Alogent’s Industry Insights—this blog and the companion newsletter series—track insights into transformative financial technologies as they happen. Our diverse team of experts pulls the threads together and weave in thoughtful—often actionable—analysis to help banks and credit unions keep their competitive edge and meet new generations of consumers where they’re going next.