The main reason businesses fail is not poor products or bad service, but insufficient cash flow. And while working with a local institution is always their preference, at the end of the day, they will look to partner with the provider that can deliver what they need to survive and thrive. Whether it’s accelerated payments, increased working capital, or better financial management, tools that support healthy cash flow must be part of your business banking strategy.
Learn more about our business banking strategy and how you can strengthen accountholder relationships.
Four of the largest financial institutions now own 61% of the primary relationships in small-business banking, up from 46% in 2018 6 Keys to Building the Future of Business Banking - Javelin, October 2022.
Over 60% of SMBs are going outside their traditional bank or credit union for business services Bryan Yurcan, Top Trends Transforming Business Banking in 2022 and Beyond, The Financial Brand, accessed September 2022.
87% of employer firms that carry credit engage in some form of working capital finance 2022 Small Business Credit Survey Report on Employer Firms, Fed Small Business, accessed September 2022.
More than 50% of banks and credit unions recently reported losing 75%+ of potential loan business because prospective borrowers abandon the loan application process before completing what they want to do. Jim Marous, How Banks Can Increase Their New Loan Business 100% (Or More), The Financial Brand, accessed September 2022.
39% of small businesses say community banks and credit unions don’t understand them Big Stakes in Small-Business Banking, BAI Banking Strategies Executive Report, October 13, 2021.
99% of all businesses in the U.S. – about 37 million – are SMBs. Small Business Statistics, Chamber of Commerce, accessed September 2022.
13% to 35% of all dollars in retail demand deposit accounts (DDAs) belong to micro and small businesses. Julie Morlan, Using a Business Banking Strategy to Keep Your Accountholders for Life, FinTalk, accessed September 2022.