To increase revenue while lowering costs, look no further than your business account holders. According to a recent study by Simon-Kutcher & Partners, nearly 75% of financial institutions are not generating the revenue they deserve from commercial accounts. Weigh this against the 76% of millennial small business owners that are willing to pay more for financial services, and you have a measured strategy for growing local businesses, and your institution.
Digital banking is a crucial tool for helping business owners control their finances, but not all digital banking platforms are created equal. As you search for a solution to grow your market, look for the following features to provide the best experience for your business account holders.
Comprehensive Analytics | a full view of account data begins with a consolidated platform. Look for an offering that includes both consumer and business platforms, as well as remote deposit capture, all on a single unified platform. This design inherently removes data silos, enabling you and your account holders to have a wider view of account activities.
Cash Management Suite | Invest in a solution that is equipped with all the tools a small business needs to succeed, such as ACH transfer, Bill Pay, Wires, and more. Most importantly, these tools should be available whether the user is accessing the platform through a tablet, smartphone, or laptop.
Powerful Security Features | Small business owners are one of the most vulnerable when it comes to fraud. Positive Pay, thresholding, and self-service user administration provides small business owners the assurance they need to protect their livelihoods.
Start a conversation with us today to learn more about serving your local small business market.