Serving Small Businesses With Consumer Banking Offerings Is Holding Small FIs Back

The small-business banking space remains a greenfield for any institution with the right strategy and effectively leveraged technology to support it.

Boston, October 22, 2020 –Most community banks and credit unions believe increased success with small businesses is critical to their overall success, yet as a segment, small institutions are losing this battle to the largest ones. Fortunately, technology is available at price points that work for small FIs to help them fight back and compete head-to-head with larger institutions. But the right investments need to be made to make true business capabilities available to business users.

This Impact Report explores some of the challenges smaller FIs are facing as a result of not offering small businesses the right technology platforms and what they are looking for as platform replacements. This report is based primarily on the results of a Q2 2020 survey of 78 U.S.-based community banks and credit unions and leverages some results of a July 2019 Aite Group online survey of 1,008 U.S.-based small businesses. The research methodology is also supported by the analyst’s deep knowledge of this market and Aite Group’s existing body of syndicated research.

This 22-page Impact Report contains 14 figures and two tables. Clients of Aite Group’s Wholesale Banking & Payments service can download this report, the corresponding charts, and the Executive Impact Deck.

This report mentions ACI Worldwide, Alkami, Bottomline Technologies, CSI, Finastra, FIS, Fiserv, Infosys, Intellect Design Arena, Jack Henry, NCR, Q2, and Temenos.

Related Content

Get Summary Report

"*" indicates required fields

This field is for validation purposes and should be left unchanged.