SMBs have typically been underserved when it comes to tech innovation or new digital services. More than six in ten businesses in this large segment go outside their primary bank for business services such as payments and receivables.
An innovation revolution is roiling business banking just as it has consumer banking.
When it comes to sleek new tech and shiny new digital products and features, much of the innovation has long been focused on the consumer side of banking. Business banking, meanwhile, remains stuck in neutral, saddled with legacy tech and processes, many of which are still largely paper-based.
But banks that can ramp up their game when it comes to business banking services stand a good chance of getting a leg up on competitors and driving revenue. Individuals that use business banking services are, after all, consumers as well, and increasingly they are demanding the same type of innovation they get in their consumer lives from their business banking relationship.
So, what trends are going to transform business banking in 2022 and beyond that?
Find out by reading the report from The Financial Brand HERE.