As the preference of small businesses is to rely heavily on their branch and branch bankers, financial institutions with an integrated, branch-centric strategy can have a market advantage, at least for the next two to three years.
"Given the importance of the branch to these customer relationships," says Todd Robertson, senior vice president of ARGO, "banks that can provide superior service at the branch-level can attract and retain these customers. Although seemingly counterintuitive based on comparisons with retail consumers, this segment's strong attraction to the branch, personal service and paper checks, among other preferences, opens the door to grow existing customer relationships and become their primary financial institution. This can be done by facilitating the processing of large check deposits in the branch and by meeting all of the small business owner's needs, both for deposit and loans. With the right tools and training, frontline bankers can better engage small business owners and improve service by offering them the right product at the right time."
About the Research
The report, "Small Business Demand for Banking Services: Growth and Profitability Considerations," provides vital insights into how banks and other financial institutions can develop strategies to attract, retain and grow small business relationships. A comprehensive survey was conducted among more than 1,500 small businesses across the U.S. to obtain detailed intelligence on a range of banking activities, behaviors, attitudes, beliefs and preferences. Respondents were high-level employees from small businesses in the following annual revenue categories: $100,000 to $1 million, $1 million to $5 million, and $5 million to $10 million. Qualitative in-depth interviews were also used to support the findings.
BAI is the financial services industry's partner for breakthrough information and intelligence needed to innovate and stay relevant in an evolving marketplace. For more than 85 years, BAI has focused on advancing the industry by offering unbiased education and research. BAI's offerings are as diverse as the industry, and include premier events such as BAI Retail Delivery Conference & Expo, groundbreaking research and performance metrics, professional learning and development programs, and in-depth editorial coverage through BAI Banking Strategies.
For more information, go to www.BAI.org. Follow us on Twitter @BAI_Info.
ARGO transforms business processes for banks, credit unions, lenders, and healthcare providers through software innovation. Founded in 1980, ARGO has grown into a recognized solutions partner of choice for eight of the nation's top financial institutions. More than half of the top 50 U.S. financial institutions trust ARGO solutions for their mission-critical operations. ARGO solutions process more than 55 million transactions each day in 35,000 financial centers nationwide.
Providing best-practices solutions and exceptional support, ARGO harnesses our technology into scalable solutions for teller payments, lending, and sales and service. ARGO Lending Solutions provide integrated prospecting, sales, loan origination, and customer management capabilities for consumer, indirect, small business, and commercial loans.
For more information, visit argodata.com.
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