When it comes to the future of small business banking, our new report poses this crucial question: Will banks find innovative ways to thrive once again, or will third party non-bank disruptors prevail? Access our free report to find the answers you need.
- Small business fintech provider
With $110 billion at stake, a myriad of nonbank players have entered the small business market. But the war is far from over.
As a true financial institution FI, you have several advantages. Find out what they are and how you can best leverage them.
For too many years, FIs have approached customer support from the perspective of delivering longstanding products and services. But what if it’s more about problem-solving, and finding opportunities to simplify their existing processes?
“Small businesses don’t want to buy banking. They want their financial workflows to be easy and well informed. They want guidance and support when they face challenging financial journeys. And they want money to finance their dreams.”
Unlike financial institutions, nonbank disruptors think about the actions small businesses want to undertake. What can you learn from these challengers, and how they attract customers?
“[Pacesetter institutions] will take a customer-centric approach and deliver not banking products per se but rather easier financial workflows, simple smart analytics, and advice. They will embed bank products in a broader services-oriented offering.”
Unless you have unlimited resources, it’s not easy to achieve transformative change all on your own. What if you can find a partner who can help — who will build on and enhance your existing online platform (and not force you to start over)?