Serving Small Businesses: Why Partnering With a Fintech Provider Makes Sense
Report Summary
Serving Small Businesses: Why Partnering With a Fintech Provider Makes Sense
Fintech firms were once viewed as competitors but are now seen as necessary partners to achieve bank goals.
Boston, April 26, 2018 – Small businesses in the U.S. are showing a greater willingness to pay for financial products and tools that save them time and increase convenience, yet most banks are not reaping the benefits. Instead, many businesses are going outside of their banks to financial technology providers that are demonstrating high levels of innovation and offering capabilities that address specific customer pain points. Greater success with these customers today and in the future requires change, which for most banks includes partnerships with fintech providers.
This Impact Note describes one key way in which banks must evolve their small-business strategies and product offerings to grow their share of the small-business wallet. This Impact Note is based primarily on the results of a June to July 2017 Aite Group survey of 1,000 U.S.-based businesses generating between US$100,000 and US$20 million in annual revenue.
This 20-page Impact Note contains 18 figures and one table. Clients of Aite Group’s Wholesale Banking & Payments service can download this report, the corresponding charts, and the Executive Impact Deck.