Report

The Banking Needs of Minority-Owned SMBs

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Twenty-seven percent of minority-owned businesses indicate a high likelihood of switching banks in the next two years.
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Minority-owned businesses are an oft-overlooked banking demographic, but their unique needs, preferences, and operational demands make them a compelling market for banks and financial institutions. Furthermore, these businesses have shown a willingness to switch financial institutions if their banking and payments needs are not met, indicating a potential threat on the horizon that should be addressed as soon as possible.

This report analyzes the banking and payment needs of minority-owned businesses and gives a look into what technology and service capabilities are necessary to meet those needs. It is based on a Q1 2023 Datos Insights survey of 1,006 small businesses generating between US$100,000 and US$20 million in annual revenue, of which 26% are minority-owned.

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

This report mentions PayPal, Venmo, and Zelle.

About the Author

Gilles Ubaghs

Gilles Ubaghs

Gilles Ubaghs is a Strategic Advisor with the Commercial Banking & Payments practice at Datos Insights, where he is focused on business-to-business and commercial payments as well as the role of digital transformation across the enterprise and broader financial services sector. Gilles brings over 15 years of experience in the analysis and financial services space creating a range of syndicated off-the-shelf and...

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Other Authors

Alijah Poindexter

Alijah Poindexter

Alijah Poindexter is a Senior Associate at Datos Insights, where he works with senior members of the Healthcare Payments and Commercial Banking & Payments groups on research, consultation, and advisory initiatives. Prior to joining Datos Insights, Alijah was associate editor at financial technology publication Bank Automation News and has worked as a business and research analyst. He holds a BBA in...

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