Seven Strategies for FIs to Grow SMB Relationships
Small and medium-sized businesses (SMBs) have a lot on their plates these days. Navigating the COVID-19 pandemic, keeping up with their larger, better-equipped competitors and maintaining exceptional customer service are enough to create a full workload. The last things these busy entrepreneurs need are hassles and inefficiencies with their banking relationships.
Unfortunately, that lack of convenience and integration is all too often the case. Recent research by the Aite Group shows as many as one in three SMBs are unhappy with their current banking relationship. At the same time, 60 percent of SMBs now look to fintechs for at least one service; most wish more financial institutions (FIs) would partner with fintechs as a way to speed innovation.
