Executive Brief: The Importance of Both Touch and Technology in Small Business Banking
Today’s 24/7, time-constrained small business owners (SBOs) continue to seek ways to make their businesses more efficient for their customers, and they expect the same in their interactions with their business banking partners.
This executive brief examines the issues affecting where and how business owners currently bank and wish to bank. Also, discover attributes important to SBOs when selecting a primary business banking provider, as well as their likelihood of switching to another primary financial institution – or a non-FI alternative – in the near future.
During February 2017, 441 small business owners (SBOs) responded to an online survey composed of questions designed to identify factors that determined satisfaction with their digital banking experience, and to uncover impediments to delivering a desirable experience. Of the 441 respondents, 327 identified themselves as current mobile banking users. Through this evaluation, SBOs provided information about their current digital banking behaviors, the features and functionality they value or would like to see added, and an assessment of their current digital banking experience. The insights from these findings are chronicled in this year’s edition of The ath Power Small Business Digital Banking Study™.