Boston, December 15, 2021 – The divide between millennials and other generations has implications for small-business banking that are transforming the market and setting the scene for the future of the industry. Attitudes, expectations, product needs, and where small businesses are looking for financial services are changing. The needs of millennial-run small businesses signify a deeper shift in how SMBs as a whole interact with their financial service providers, with long-term implications.
This report provides an overview of the generational differences between small-business banking customers and what they want from their financial institutions. It is based primarily on a Q3 2021 Aite-Novarica Group online survey of 1,004 U.S.-based small businesses.
This 34-page Impact Report contains 20 figures and one table. Clients of Aite-Novarica Group’s Commercial Banking & Payments service can download this report and the corresponding charts.
This report mentions Magenta, QuickBooks, Shopify, Square, and Xero.
About the Author
Gilles Ubaghs
Gilles Ubaghs is a Strategic Advisor with the Commercial Banking & Payments practice at Datos Insights, where he is focused on business-to-business and commercial payments as well as the role of digital transformation across the enterprise and broader financial services sector. Gilles brings over 15 years of experience in the analysis and financial services space creating a range of syndicated off-the-shelf and...