Description
In today’s financial environment, many local banks and credit unions are focused on growing deposits, and attracting small business clients can be a key component of that strategy. While some financial institutions rely on a “consumer-plus” solution to serve businesses, simply repurposing a consumer banking solution typically does not meet the needs of most businesses. In fact, according to research by Aite-Novarica, nearly 80% of businesses want financial institutions to provide banking solutions specifically designed for them.
Businesses have complex banking needs—such as support for ACH, wire transfers, positive pay, and tax payments—that differ significantly from consumer requirements. In addition to advanced cash management tools, a specialized business banking platform can offer other features that help businesses thrive, including:
- Intuitive workflows that allow businesses to streamline processes like payroll, vendor payments, and collections.
- Permissions that enable companies to create differentiated user experiences based on what employees can see and do.
- Collaborative support tools such as screen sharing, video, voice, text, and chat, allowing businesses to connect with their financial institutions for real-time assistance.
- Reporting tools that help businesses monitor their financial operations and keep a close eye on cash flow.
By offering business banking services that companies truly value, a financial institution will be well-positioned to attract this market segment and support its deposit growth goals.
