Thought Leadership |

Above Average: Unlocking the Full Potential of the Small Business Market

Solution

Small Business Banking

Other Topics

Small Business Banking

Region

North America
share

For many financial institutions (FIs) in the United States, small businesses represent a vital market that hasn’t yet been fully banked. Depending on what these FIs do next, this could be viewed as an occasion for growth, or a lost opportunity.

Small business in the U.S. has continued to grow since the COVID-19 pandemic. Today there are over 33 million small businesses in the market, who represent $115 billion in revenue. With today’s advanced technology, financial institutions can tap into the unmet potential of small business banking. To do so, they must strike the right balance between a traditional high-touch strategy and an innovative high-tech approach.

Time for Innovation: Delivering High-Tech to Small Businesses

Traditionally, small business banking has been approached with a high-touch process. However, it’s no longer enough to rely only on in-branch experiences and services when it comes to small business banking clients.

“Our small business customers today aren't just a mom-and-pop shop necessarily,” said Anni Mollett Head of Centralized Commercial Credit Management at TD Bank, during a recent webinar with nCino. “They have a variety of interests, and they need a variety of products that we must bring to their institutions, whether it’s a traditional product or a more bespoke product.”

Technology is a crucial part of meeting the small business customer wherever they are, whether this is in a branch, completely online, or at their business.

Leveraging Technology to Create a Balanced High-Tech High-Touch Experience

Although the world is shifting to be more digitally focused, consumers still value in-person interactions. Therefore, it’s still important to provide a human aspect to the banking journey.

“It’s not just about the digital experience,” said Garrett Adams, General Manager of Small Business Banking. “Digital experience is really important, especially a slick frictionless front end. It’s very worthwhile and something that should be focused on, but customers really care about things like time to money, time to yes, the value they’re getting out of that experience too.”

“Any financial institution that doesn’t constantly think about the client experience and isn’t relentless in the pursuit of better client experience loses in today’s world,” added Anni Mollett.

The four top factors that will contribute to a successful high-tech high-touch approach are:

  • Personalization

  • Understanding the unique needs of small businesses

  • Technology

  • Competitive nature

With the technology available today, a high-tech, high-touch model will give institutions the competitive advantage they need to successfully serve their small business customers. Having a strong digital banking platform is a great place to start.

For more insights into finding the right balance in small business banking, watch the on-demand webinar now.

Related Articles

Thought Leadership

3 Ways to Strengthen Relationships with Your Small Business Customers

Finding the right solution for small business banking can be a difficult process. Whether you’re an institution who serves small businesses or a small business owner yourself, you deserve the best possible experience. When it comes to delivering an outstanding experience, personalization is key. By tailoring services to meet the unique needs of each small business owner, financial institutions can foster strong and lasting relationships.

Girl Laptop Red- Newsroom Stock Image
Thought Leadership

Navigating Dodd-Frank 1071: Turning Compliance Challenges into Opportunities

In the evolving landscape of financial regulation, understanding and complying with Dodd-Frank 1071 presents both challenges and opportunities for financial institutions. Mastering this terrain can seem daunting, but with the right strategies and insights, compliance can become a catalyst for growth and innovation.Compliance with Dodd-Frank 1071 has been an important and sometimes contentious topic of discussion, due in part to varied sentiment, the US district court injunction, anticipated new effective dates, requisite change management, and rigorous regulatory enforcement. To make matters even more challenging, strategies and interpretations of compliance requirements are inconsistent across institutions, making the job of compliance an ongoing task.Seizing the OpportunitiesAs financial institutions figure out how to keep up with these challenges, they have several opportunities and choices. Compliance with Dodd-Frank 1071 presents opportunities for expanded customer data analytics, operational standardization, and tapping into underserved market segments. Leveraging these potential benefits can lead to significant advancements for financial institutions.“We want to begin collecting the data as soon as we can so we can start validating our processes and our training environment.” - Jason Spelliscy, Senior Manager - Product Compliance, nCino nCino's Role in ComplianceWith over 300 customers originating 1071-reportable loans on our platform, nCino is keen on making compliance manageable and beneficial for financial institutions. Our robust solution includes logic-based mappings, data review screens, comprehensive data capture, viewing restrictions, permissions, and data extracts. Our goal is to create a seamless experience for FIs and their users.

Girl Hair Up Green- Newsroom Stock Image