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Small Business Banking in the Digital Era 2117

Small Business Banking in the Digital Era

Small business owners today have a complex and uncertain relationship with their bank

For years now, innovative new digital banking experiences have been emerging in the consumer segment. Consumers today have a plethora of digital options for sending and receiving money, making investments and taking out loans.

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While digital technology is transforming nearly every other aspect of the banking business, innovation in the small business segment is still stuck in first gear.

As the disconnect between banking experiences continues to grow, it represents a major liability for banks, particularly as branches disappear and businesses look to digital tools for their banking services.

Moreover, as millennials become the face of small business in America, closing the innovation gap becomes increasingly urgent. Unlike past generations of business owners, millennials don’t write checks—they are full-fledged digital natives and their expectations for technology are high. If banks can’t deliver the digital experiences they want and expect, this wave of younger generation business owners will look elsewhere.

Additional information

Language

English

Pages

15

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