The Growing Opportunity in Millennial SMB Banking

The 80.5 million millennials in the U.S. in 2024 are the largest generation in U.S. history.

The small and midsize business (SMB) market is growing, and most FIs are missing out on this opportunity. For many FIs, SMBs are an often-forgotten corner of their client base, in many instances sitting in a weird position somewhere between the commercial and retail arm of the bank and never fully appreciated on either side. This approach is increasingly untenable; many banks and FIs will lose out on a critical moment in the development of the broader SMB market and, ultimately, on major revenue potential longer term.

This report provides an overview of the growing opportunity in the SMB market to target the needs of millennial-run businesses. The report looks at who they use as their primary FIs, their willingness to change providers, and their usage of fintech partners. This research is based on the findings of Datos Insights’ Q1 2024 survey of 1,004 U.S. SMBs.

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

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