A Data-led Approach to Winning Small Businesses

Small and medium-sized businesses (SMBs) occupy a unique space in the financial services landscape, falling between consumer and commercial offerings. This gap presents a significant opportunity for financial institutions to capture market share by tailoring their products and services to meet the distinct needs of SMBs. Recent research reveals a critical challenge: the majority of small businesses are seeking solutions outside their primary financial institution to fulfill at least one financial need. Moreover, satisfaction with payment processes provided by financial institutions often falls short of expectations. In this session, speakers present the latest research findings on SMB financial needs and preferences, identify key areas where financial institutions are currently underserving SMBs, and explore innovative solutions to bridge the gap between SMB expectations and current offerings. They will discuss strategies for financial institutions to become the primary financial partner for SMBs and showcase successful case studies of institutions that have effectively captured the SMB market. Attendees will gain actionable insights to help their institutions develop targeted products, enhance payment processes, and ultimately win and retain small business customers in an increasingly competitive landscape.