Category: Business banking

With over 50% of small businesses considering a banks’ user experience when selecting a partner, it’s critical that banks begin to make changes to how customers apply for their products. A few important statistics from the webinar highlight the most important areas of improvements for financial organizations: 77% of business banking products don’t offer the option to apply online; 99% of business banking products don’t offer mobile responsive experiences for new product applications; In our study, we found that there is an…

70% of potential checking account applicants say they would prefer to submit a digital application over a physical one if given the choice. The good news is that while most banks offer online account opening, only 17% of the largest banks in the US, UK, and Australia offer a true mobile new account opening process. This resulting gap means that banks have some serious work to do.  Over 60% of consumer applications for auto loans, mortgages, and credit cards are now…

Are you a small business lender or about to step into the small business market? Maybe you’ve heard from colleagues that the small business banking space is fraught with dangers for the unwary. The purpose of this blog is to dispel some common misconceptions about small business banking. In honor of David Letterman who made count down lists an art form, here the top 5 fallacies of small business lending. Small business isn’t impacted by the economy. Small businesses that…