While digital technology is transforming nearly every other aspect of the banking business, innovation in the small business segment is still stuck in first gear.
As the disconnect between banking experiences continues to grow, it represents a major liability for banks, particularly as branches disappear and businesses look to digital tools for their banking services.
Moreover, as millennials become the face of small businesses in America, closing the innovation gap becomes increasingly urgent. Unlike past generations of business owners, millennials don’t write checks—they are full-fledged digital natives and their expectations for technology are high. If banks can’t deliver the digital experiences they want and expect, this wave of younger generation business owners will look elsewhere.