In today’s financial climate, many community banks and credit unions are focused on deposit growth, and attracting small business clients can be an important component of this strategy. While some financial institutions rely on a “consumer-plus” solution to serve businesses, simply retrofitting a consumer banking solution will not typically meet most businesses’ needs. In fact, according to an Aite-Novarica study, almost 80% of businesses want financial institutions to provide banking solutions tailored to them.
Businesses have complex banking needs — such as support for ACH, wires, positive pay, and tax payments — that are quite different from consumer requirements. Apart from sophisticated cash management tools, a dedicated business banking platform can provide other features to help businesses thrive. These include:
- Intuitive workflows that allow businesses to streamline processes such as payroll, vendor payments, and collections.
- Entitlements that allow businesses to drive differentiated experiences for employees based on what users can see and do.
- Collaborative support tools such as screen sharing, video, voice, text and chat that allow businesses to connect with their financial institutions for on-the-go support
- Reporting tools that help businesses monitor their financial operations to keep close watch on their cashflow position.
By offering the type of banking services that resonate with businesses, your financial institution will be best positioned to attract this market segment in support of deposit growth goals.
Learn more about the auxiliary features that offer tangible benefits to business clients — including seamless integration to accounting systems and data insights —in our latest white paper, 4 Reasons Why Investing in Business Banking Makes Good Business Sense.