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Building a Winning Small Business Bank

Inside the Autobooks FI Annual Report

In an age of big “megabanks,” smaller regional and community FIs must now contend with another outsized threat: the platform giants.

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As businesses have transitioned from in-person to online, digital solutions have become even more crucial to their ongoing success. Innovative non-bank providers have seized this opportunity — and are quickly pushing FIs out of the relationship.

It doesn’t have to be this way. FIs can compete — and take back small business relationships. But it will take a smart mix of technology and services, with the ongoing support that will ensure their success.

Autobooks recently analyzed a cohort of small businesses that bank with a partnering FI. In just nine months after being installed (in May 2020), Autobooks usage increased steadily to 347%, as third-party usage decreased by 77%. As a result, corresponding deposits grew dramatically — to more than $3.5 million.