What Small Businesses Need from Financial Institutions.
Discover the seamless integrations, mobile tools, and personalized advice that small businesses need to thrive in today's fast-paced market.
To thrive, small businesses need comprehensive, tech-savvy solutions that integrate seamlessly into their operations, provide insightful advice, and support growth. Here’s a look at the key services small businesses need from financial institutions.
Seamless Integrations
Small businesses often use various tools and systems to manage their operations. Financial institutions that offer seamless integrations with ERP systems, embedded banking options, and third-party applications, such as fintech partnerships, are highly valued. These integrations reduce manual data entry, and ensure data flows effortlessly between systems, reducing time on administrative tasks.
Sophisticated Mobile Banking
Many of today’s entrepreneurs are on the go and they need quick access to financial tools on their phones. Mobile access to treasury management services, such as cash forecasting, real-time payments, and advanced reporting capabilities, are increasingly in demand. Not to mention that with younger and more tech-savvy entrepreneurs, the importance of a user-friendly interface is hard to understate.
Full-Range of Products
Small businesses require access to a wide range of credit and non-credit products. From loans and lines of credit to merchant services and insurance, businesses look for a one-stop-shop for all their financial needs. The ability to easily adopt and integrate new products without needing to visit a branch is a significant advantage, helping to save time and streamline operations.
Personalized Advice and Growth Support
The number one thing business owners look for in a financial services provider is dependable advice. Small businesses seek guidance on avoiding fees, managing spending, improving creditworthiness, and making informed decisions about financing, investments, and business expansion. Personalized offers based on transaction history, quick decisions on loans, and the ability to discuss these matters without needing to visit a branch are crucial.
By offering the above benefits, banks can significantly enhance their value to small business clients. In fact, 65% of small business financial decision makers said they are likely or very likely to bank with a local community/ small regional FI if it offered comparable products, services and online customer experience to the bigger banks.
If you’re looking to identify existing customers that are likely to open a business account with you, try BusinessIQ.
- Bonus metric- (81% to 91%) of new online account openings are completed by small business customers who have an existing relationship with the bank.
In Practice: Comerica launched a standout benefit program to all of their business account holders. At no cost, account holders can benefit from free advertising, coworking space, tickets to major league sports games and more!
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