Small businesses need help in order to survive.
As part of our latest market outlook report for small business banking, we are predicting enhanced opportunities for financial institutions to provide products and resources for growth within the small business market.
Following the dramatic downturn in 2020, we have seen many small businesses struggle or shutter their doors entirely due to losses in revenue, disrupted supply chains, delayed payments and reduced customer demand. The road to recovery is long, with small businesses reporting that revenue, profitability and employment have nearly halved in 2020. Thus, small business customers represent both a risk and huge opportunity for banks — financial institutions must understand the challenges they face as it’s now more important than ever for financial institutions to provide the digital access to banking services that help small businesses survive and thrive.
Bottomline, a leader in intelligent engagement solutions for small business banking has compiled research from respected third-party sources, government data, and our own experience in the industry in order to complete this market outlook report. This report is intended to be a reflection on the current state of small business banking, as well as a look at where it is headed in the next few years, including:
- The massive economic toll that the pandemic has taken on small businesses
- Predictions for the future and the challenges small businesses will be facing next
- How to prepare your financial institution to take advantage of the massive small business opportunity and the changes it will bring.
Why small business banking matters?
"At least 35% to 40% of small businesses continue to be served on consumer or consumer-like banking platforms."
Source: Aite Group
