Meeting Small Businesses’ Needs Through a Consolidated Offering

Most businesses not yet using real-time payments, invoicing, or payroll capabilities are willing to pay for these types of tools.

Boston, October 17, 2019 – The needs of small-business customers are evolving, and traditional ways of serving them are no longer effective. A growing comfort with technology and financial applications within their personal lives is driving small businesses’ expectations for user experiences and capabilities that go beyond those historically offered by their financial institutions. Fintech companies offer many of these newly sought-after capabilities but not a single solution that can address more than one financial need.

This report, which was commissioned by FIS and produced by Aite Group, explores small businesses’ demand for a bank-offered integrated experience that will help them better manage their finances. It also highlights the key capabilities these offerings should include and how much small businesses would be willing to pay for them. This report is based primarily on the results of a July 2019 Aite Group online survey of 1,008 U.S.-based small businesses.

This 25-page Impact Note contains 18 figures. 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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