In an age where small businesses are continuing to grow often faster than we realize, they’re learning to balance their distinct needs – a mix of cash flow management tools and payment capabilities. By effectively serving today’s small businesses, your financial institution (FI) can see incremental fee revenue, improved retention, and greater cross-selling success, while also fulfilling the changing needs of small business customers and being positioned as a trusted partner who enables future growth.
Are you providing the best tools to help your small business customers? If not, consider the five key areas below:
The right technology can help you reach today’s small businesses with solutions that address their top needs. We invite you to take a look around this Knowledge Center, which is designed to provide you with further information to help you address the five areas above while reaching your goals and supporting the small businesses in your market.
- Enhance the Online Channel - Did you know that 61% of small businesses consider the online banking channel their preferred channel for interacting with FIs.1 Your institution’s online banking capabilities will impact customer attraction and retention. If you are not offering advanced online banking capabilities, such as banking alerts, domestic wires, and remote deposit capture, you’re missing an opportunity to effectively serve this customer base.
- Offer Mobile Integration - Mobile integration is a must. Seek out a bill pay partner that has a mobile banking product or offers robust integration options to support your mobile product or your mobile provider's.
- Broaden Product Breadth - Is your FI addressing the challenges that cause inefficiencies in small businesses such as double entry into accounting system, reconciling payments, managing bill payments, and tracking cash flows? Focus on making sure you have products and services your customers may be getting elsewhere. In a recent survey, 59% of small businesses choosing to purchase technology-based banking products choose your financial institution over a non-banking company because they enjoy the ease and convenience of accessing all of their banking products at a single location.1
- Educate customers - Be sure you are educating customers about all of your new product offerings. In one past survey, 20% of small businesses had never heard of remote deposit capture while an additional 56% had heard of it but only had a basic understanding of its benefits.1 There is a strong correlation between higher adoption of this service and ability to educate customers on new products.
- Better Align Payments Technology with Small Business Needs - Is a large percentage of your small business customer base going to biller sites instead of your financial institution to pay bills? Research indicates the primary reason for businesses not paying bills on their banking site is that they are comfortable with current methods. Take time to focus on the increasing needs of small businesses and how consumer solutions often do not offer the functionality and automation businesses need, such as the ability to send and track customer invoices, collect customer payments, and integrate with accounting software.
Did You Know …
- Of the small businesses likely to pay for bank products and services, a full 89% bank online.1
- Approximately 37% of small businesses are banking via a mobile device to check balances.1
1 Aite Group's report, "Monetizing the Small-Business Opportunity," January 2014.
A full suite of online financial management solutions designed to meet the distinct needs of small business customers or members.
The private-labeled invoicing and receivables management tool that enables small business the ability to invoice, collect, track and manage their receivables electronically in one user-friendly system.
The safe and sound, turn-key financing solution puts a community bank in the asset-based lending business.