Survey of 1,000+ small U.S. businesses gives banks insights on how to meet the true banking needs of this growing customer segment.
September 25, 2019 (Plano, Texas) – Alkami Technology Inc. (Alkami), a leading cloud-based digital banking solutions provider for U.S.-based banks and credit unions, has released the results of their small business banking survey conducted by Aite Group.
In July 2019, Aite Group, a global research and advisory firm in the financial services industry, surveyed 1,008 U.S.-based small businesses to learn the evolving needs and expectations of small businesses and where their primary institutions often fall short. The small businesses surveyed generated between $100,000 and $20 million in annual revenue.
Christine Barry, research director for Aite Group’s Wholesale Banking practice and author of the report said, “The small-business customer segment promises growth opportunities and untapped revenue potential to regional and community banks with the right strategy and product offerings. Banks know that winning the hearts and wallets of small-business customers isn’t easy. But with this report, they’ll be poised to address what small businesses need.”
The report examines the impact of emerging fintech companies while highlighting how key factors such as business size, age of business owner, and comfort with technology influence banking preferences. Ultimately, though many core banking products and services are available, the needs of small-business customers continue to evolve, resulting in a disconnect between customer expectations and the delivery of offerings from financial institutions (FIs).
“Small businesses are the backbone of the U.S. economy,” Holly Tsourides, Alkami’s Chief Marketing Officer, said. “Because regional and community financial institutions are responsible for 90% of small business lending, their business banking strategies have a significant impact on more than just the success of this customer segment. With the insights from this report, FIs can enhance their business banking offerings and improve how they serve their small business customers.”
Alkami will kick off their invite-only Gold Standard Event Series this October with Barry presenting research and results from the report in Dallas, San Diego and Boston.
To download the official report, click here.
Alkami Technology, Inc.