The Pandemic’s Effect on Small Businesses’ Digital Transactions and Banks’ IT Priorities

Due to the pandemic, small businesses have performed significantly more online and mobile transactions.

Boston, March 23, 2021 – The outbreak of the COVID-19 pandemic has played a key role in the trend toward electronic banking. In many ways, it has pushed financial institutions to move forward with planned initiatives more quickly. But only those banks and technology providers that can stay one step ahead of customer needs will fully reap the benefits.

This report examines and discusses the COVID-19 pandemic’s effect on the banking industry and its small-business customers in a digital world, and offers doable suggestions for their desired outcomes. It is based primarily on the results of an Aite Group survey of 20 U.S.-based financial institutions conducted during February 2021.

This 22-page Impact Report contains 13 figures and one table. Clients of Aite Group’s Wholesale Banking & Payments service can download this report, the corresponding charts, and the Executive Impact Deck.

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