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Director of Strategic Insight, Jack Henry & Associates, Inc.
- 99% of the businesses in the US are small businesses.
- There are an estimated 41.1 million independent workers in the US. A category that will continue to grow.
- Small businesses are transitioning to accepting digital payments at an accelerating rate, largely fueled by the pandemic.
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Track 1 | Redefine (cont.)
President & CEO, Re-Wired Group
- Clayton Christensen’s book Innovator’s dilemma details how industries are consistently disrupted by new innovators.
- Small businesses are a massive customer segment that has been consistently underserved by the banking industry that is more focused on the consumer and commercial banking market segments.
- Disruptive companies like Square are more than happy to serve the low end of the small business market to gain entry. Once established, they will consistently introduce new capabilities that will challenge the legacy banking market.
Managing Director, FinTech Forge
- Competition is increasing and will continue to do so.
- Your strategy should both dictate what to do and most importantly, not to do.
- FIs should strongly consider narrowing their strategy to focus less on the mass market and more on niche market segments
Director of Research, Cornerstone Advisors
Senior Contributor, Forbes
- Banks must become embedded into the daily workflows of small businesses to compete with emerging digital providers.
- How small businesses accept payments is becoming more complicated. Causing cash flow and efficiency problems.
- Embedded fintech is the integration of fintech products into financial institutions’ products, websites, mobile apps and business processes.
Chief Commercial Officer, 11:FS
- Challenger brands grow in the gap between yesterday’s marketing and today’s marketing. They still market share and mind share from brands that are stuck in the past.
- The challenge for incumbents is often times the opportunity for challengers.
- Being a challenger isn’t about being small and young. It’s about the mindset and model you apply to growth.
Chief Marketing and Strategy Officer, NYMBUS
- Consistent prioritization and momentum isn’t possible when the business unit ping pongs between retail and commercial.
- Small business does not mean less than. Small is just a starting point.
- Speaking with customers helps to develop a common language. Learning how business owners talk about their business does not make you an expert, but it does help establish genuine empathy for them.
Managing Director, Banking Solutions, Bottomline Technologies
- Highlight capabilities most important to the end customer (deliver them value first and foremost)
- Use analytics to determine who needs proactive outreach and support
- Find the ”thing” that keeps the customer coming back and make sure it is the focus of the product experience
Chief Deposit Officer, EVP, Nbkc
- Enabling clients to onboard online doesn’t mean you can’t still offer personal service.
- Marketing websites should feature customer outcomes, not focused on transactions.
- Banks don’t feature customer feedback/testimonials enough.
Head of Credit and Decision Science, StreetShares
- There are a number of challenges impeding Growth. The bigger the challenge, the bigger the opportunity to unlock Growth.
- Avenues of Growth include attracting new customers, cross-sales of existing customers, delivering new products and increasing efficiency.
- Data, analytics and automation can play a key role in supporting Growth and reducing costs.
VP Product Marketing, Q2
- Digital user expectations have shifted. It’s no longer good enough to have a new user interface. You must be able to solve problems for the end customer.
- Increasingly, small businesses are turning to fintech providers to solve their problems. This is a challenge for banks.
- Small businesses are spending a lot on third party tools. Embedding those solutions into the banking experience represents a significant growth opportunity for banks.
President, Fitech Payments
- Bankers tend to focus too much on deposits and loans. Fintechs know this and are exploiting the payments and UX void.
- Square continues to aggressively push into competing with banks across both retail and business banking.
- Marketing provides an opportunity to take data and truly leverage it to properly launch campaigns that influence customer outcomes.
The $370 Billion Small Business Opportunity for Banks
In the report you will learn more about:
- Small business accounting and pain points faced by small businesses
- The revenue opportunity for bank-provided small business services
- How upgrading your small business services can help you grow existing and new small business deposits, and increase non-interest fee
Reinventing Small Business Banking: Pacesetters in Embedded Finance
With $110 billion at stake, a myriad of nonbank players have entered the small business market. But the war is far from over. As a true financial institution FI, you have several advantages. Find out what they are and how you can best leverage them.
Autobooks Small Business Report 2020
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Market analysis, small business insights and practical recommendations on how to better serve and monetize small business relationships.