Boston, November 6, 2019 – One of the biggest obstacles small businesses face is poor visibility into their overall financial position, and in most cases their banks are not offering them tools to overcome this pain point. In 2017, Bank of America saw a big opportunity to offer greater value to its small-business customers by providing more transparency into their financial positions and tools to help them better manage their finances, and the bank’s Business Advantage 360 service is part of this initiative.

Aite Group’s Impact Innovation Awards are designed to recognize and celebrate innovation achieved by financial institutions leveraging technology to surpass the status quo. Award recipients are leading the industry by identifying and implementing new products, capabilities, or levels of automation and effectiveness that are bringing our industry one step closer to next-generation banking. Other reports in this series feature Aite Group’s Impact Innovation Award in Cash Management and Payments for customer experience, customer experience in cards, customer experience by a global bank, operational efficiency, digital channel capabilities, product development, and product development in real-time payments.

Clients of Aite Group’s Wholesale Banking & Payments service can download this eight-page Impact Brief. To learn more about the topic covered in this Impact Brief, please contact us at [email protected].