While 85% of banks emphasize the importance of success in small-business banking, the Big Four banks dominate with over 55% market share. Dissatisfaction among small businesses has driven more than 65% to seek financial services from fintech companies, highlighting the need for traditional banks and credit unions to evolve their strategies.

Datos Insights small business banking research highlights the strategies financial institutions must adopt to attract small business.

They include:

• Personalized experiences
• Offering innovative payment capabilities
• Partnering with fintech companies to broaden the value proposition
• More tightly integrating with accounting systems
• Striving to capture the full relationship