Boston, April 29, 2015 – Small businesses’ satisfaction with their banks is declining, and more than one-third of U.S.-based businesses generating less than US$20 million in annual revenue are already going somewhere other than their bank to meet at least one of their financial needs. While the largest banks continue to hold the majority of small-business clients, can smaller institutions with the right strategies and product sets win business away from them?
This research, based on a late 2014 to early 2015 Aite Group survey of 48 U.S.-based banks, highlights community bank strategies in the small-business space and analyzes their successes, shortfalls, and plans as well as providing recommendations to the technology providers that most often partner with community banks.
This 29-page Impact Report contains 28 figures. Clients of Aite Group’s Wholesale Banking & Payments service can download this report.