How can digital banking help small businesses?
Nearly 60% of small business owners expect to see an increase in their business this year, according to a 2019 QuickBridge survey. And with this growth comes an opportunity for banks who serve the small business market.
In today’s digital-savvy world, banks – large and small – have changed how they interact with customers in an effort to increase client retention, value and loyalty. Digital banking solutions are no longer a perk. They’re a critical part of keeping step with consumer’s changing behaviors – even for small businesses.
According to BCG 2015 Global Digital Corporate banking survey, small businesses want improved digital service. More than 75% of respondents said they would like one-click access to products and a single sign-on across platforms and nearly 70% said they would be willing to change their primary bank, or even pay a premium, to access services through a one-stop digital shop.
Small business owners want quick and easy access to banking products and services, faster credit decisions and streamlined day-to-day financial management tools that enable them to manage their business more seamlessly. And banks are responding with customized digital banking platforms that allow entrepreneurs to manage transactions, make deposits, monitor cash flow, and invoice customers without making a trip to the bank. These digital self-service capabilities are not unique to the larger banks. Today, more community banks are adapting new and sophisticated technology solutions to better meet the changing needs and expectations of small business customers.
But online banking for small businesses goes beyond electronic payments and receivables. It equips small business owners with critical insights that enable effective management of their finances. They can track their spending vs. income, make progress towards financial business goals they have set, assess opportunities to save, and highlight insights across their spending.
But most importantly, the adoption of a digital banking platform enables small businesses to meet their primary goal – bringing value to their own customers.
We’re proud to partner with Comcast Business to present Small Business Month, new month-long campaign to highlight Greater Philadelphia’s commitment to small and growth-oriented businesses. Learn more at ChamberPHL.com/SmallBizMonth.