At a time when financial institutions are focusing on improving revenues, enhancing customer experiences and finding untapped opportunities, the small business segment may provide the best option for growth.
Similar to consumer digital banking, there is a tremendous opportunity to increase engagement, deepen banking relationships and generate revenue from moving small business relationships to digital channels. Despite a willingness to pay for digital banking services, however, financial institutions too often give away small business digital banking services. There is also a negative perception of digital banking services from small businesses that must be overcome.
To assess the missed revenue opportunities provided by small business, RateWatch and Simon-Kucher & Partners have conducted annual studies on product design and pricing of mobile banking applications for small business customers. This year’s 3rd annual research, “Monetizing Digital Banking Products for Small Business Customers,” provides insights beyond the mobile channel to include digital banking as a whole. The study also looks at the selling process for small business digital solutions.
Read more at: The Financial Brand