5
SMBs face a new set of financial challenges in
today's economy, where financial wellness is
at an all-time low. Many SMB owners lack the
tools and support needed to obtain high-level,
holistic views of their businesses' finances.
Compounded by costs and complications
incurred during the pandemic, these challenges
are increasingly outsourced to external apps and
platforms–instead of being trusted to banks,
SMBs' natural sources of contact for financial
guidance.
To better understand the needs of small-
and mid-sized businesses, we asked SMBs
what they wanted most from their banks.
Overwhelmingly, they indicated a strong need
for a business partner–a source of opportunity,
support, and growth who would help enrich
their operations through new SMB credit and
insurance offers. These responses closely
align with SMBs' attitudes toward their trusted
financial institutions and lend a clear advantage
to banks that are actively seeking to grow that
relationship.
"There are a lot of software programs that do
parts of each thing…but nothing I am aware of
that consolidates [features] into a single package."
- SMB Survey Respondent, 2022
