Report

The Future of the Branch in SMB Banking

Over 75% of SMBs report using a physical branch at least monthly, with 43% doing so weekly and 9% daily.
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The landscape of small and midsize business (SMB) banking is undergoing a profound transformation, driven by rapid technological advancements, changing customer expectations, and intensifying competition from both traditional and nontraditional players. While digital banking channels have gained significant traction, offering convenience and efficiency for day-to-day transactions, brick-and-mortar branches remain a critical and ongoing consideration for financial institutions serving SMB clients.

This report examines the evolving role of branch banking for SMBs in an increasingly digital financial landscape. It explores how SMBs utilize branch services, their expectations for branch experiences, and the implications for financial institutions. This report is based primarily on a Q1 2024 Datos Insights online survey of 1,004 U.S.-based small businesses as well as findings from eight qualitative interviews conducted with U.S. banks and technology vendors in Q4 2023.

Clients of Datos Insightsโ€™ Commercial Banking & Payments service can download this report.

This report mentions Bank of America, Capital One, Citizens Bank, Fifth Third Bank, JPMorgan Chase, PNC Bank, Regions Bank, TD Bank, Truist Bank, US Bank, Wells Fargo.

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