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Tapping the potential of small business
Opportunities to attract, retain and expand primary banking relationships
How can banks provide a high level of customer satisfaction and become a one-stop-shop to small business customers for all of their financial needs? This study seeks to answer this age-old question.
How well do financial institutions know the small business segment, and are banks really capitalizing on a potential growth area?
To understand small business usage patterns and preferences, Ban Administration Institute (BAI) launched the study of Small Business Demand for Banking Services, sponsored by Deloitte.
Findings indicate that while small businesses are extremely loyal, more than half of the respondents also are willing to consolidate with one bank if all their needs are met or if they receive a financial incentive to do so. Given the potential opportunity for growth, and risk of losing loyal customers, banks should consider being proactive in understanding the needs of their small business customers and knowledgeable about their business.
This paper details challenges and opportunities for banks by considering banking relationships, product and service usage, and means of engagement and channel use .