Do the Big Four Banks Still Dominate U.S. Small-Business Banking?

The small-business banking space holds opportunities for institutions with the right strategies.

Boston, March 11, 2020 –The four largest U.S. banks by asset size (Bank of America, Citibank, JPMorgan Chase & Co., and Wells Fargo) continue to dominate this space from a market share perspective, but small businesses are a highly desirable target market for financial institutions, given the size of the segment and its high untapped revenue potential. Further, more than 85% of banks, regardless of size, believe that greater success with small businesses is critical to their overall success.

This Impact Report explores some of the key factors leading to the success of the big four banks in this space and what is drawing small businesses to them. The information in this Impact Report is based primarily on the results of a July 2019 Aite Group online survey of 1,008 U.S.-based small businesses. This report’s content also leverages Aite Group research of banks’ small-business offerings and strategies, and the author’s extensive knowledge of the market.

This 27-page Impact Report contains 17 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.

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