Less than half (47%) of U.S. based small businesses believe their primary financial institution understands their needs. This general dissatisfaction is allowing new digital challengers to thrive. Companies like Square, Shopify, and Intuit are capitalizing on serving SMBs with digital products and services more closely aligned to their needs.
It doesn’t have to be this way. Despite many challenges, financial institutions can become well positioned to attract and service small businesses — more effectively than any fintech challenger actually can.
Autobooks recently analyzed a cohort of small businesses that bank with a partnering FI. In just nine months after being installed (in May of 2020), Autobooks usage increased steadily to 347%, as third-party usage decreased by 77%. As a result, corresponding deposits grew dramatically — to more than $3.5 million.
Autobooks shares a comprehensive report with the leadership team at partnering FIs once a year. This annual FI report highlights the performance of the Autobooks solution during the previous year, compares those results to a peer group of similarly sized FIs, and provides recommendations for improving performance and accountability in the year ahead
Building a Winning Small Business Bank: Inside the Autobooks FI Annual Report includes:
- Data on the needs of modern small businesses and where FIs can effectively compete
- Why facilitating payments is key to serving SMBs in today’s market
- A case study showing how an FI reclaimed primacy with Autobooks
- A go to market plan FIs can use to bring fintech solutions to market