When it comes to churn in SMB banking, FIs do not have it easy. Optimization is required across the BX, noncredit services, onboarding, payment -rail provision, and delivery of services, both core and ancillary. Throw in a mixture of interaction channels, including APIs or mobile apps, and the crafting of an SMB market strategy gets complicated indeed.

By examining American small to midsize businesses’ attitudes about changing primary financial institutions, Datos Insights presents in this report the primary attributes of SMBs more likely to change providers, commonly referred to as churn. It is based on a Datos Insights online survey of 1,004 small businesses in North America completed during Q1 2024.

Clients of Datos Insights’ Commercial Banking & Payments service can download this report.