Small-Business Banking and Millennials: Banking on Change

All aspects of service and functionality are important to millennials’ continued use of their banks.

Boston, December 15, 2021 – The divide between millennials and other generations has implications for small-business banking that are transforming the market and setting the scene for the future of the industry. Attitudes, expectations, product needs, and where small businesses are looking for financial services are changing. The needs of millennial-run small businesses signify a deeper shift in how SMBs as a whole interact with their financial service providers, with long-term implications.

This report provides an overview of the generational differences between small-business banking customers and what they want from their financial institutions. It is based primarily on a Q3 2021 Aite-Novarica Group online survey of 1,004 U.S.-based small businesses.

This 34-page Impact Report contains 20 figures and one table. Clients of Aite-Novarica Group’s Commercial Banking & Payments service can download this report and the corresponding charts.

This report mentions Magenta, QuickBooks, Shopify, Square, and Xero.

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