Arizent research report, Future of Small Business Banking, examines the current state of small businesses and relationships with financial providers
A new study conducted by Arizent, the parent company of American Banker, a comprehensive information resource for senior executives in financial services, examines the current state of small businesses, how they use banking services, what matters most to them in a financial relationship and how they will operate throughout the next year. The survey found that small business banking offers big opportunities for the financial institutions willing to compete in this fast-growing market.
According to the Small Business Administration, 31.7 million small businesses employ half of U.S. employees and are responsible for more than 65% of net new jobs since 2000. Arizent’s research shows that small businesses are loyal to their financial institutions, with 29% reporting a relationship with their primary banking provider from five to ten years and 33% noting a relationship that has lasted for more than a decade.
“Our research shows that small businesses are primarily focused on growing their customer bases while fighting inflation and reducing costs — and they’re optimistic about the future,” Janet King, Vice President of Arizent Research, says. “That said, they do expect their primary banking provider to deliver on a few key areas in order to earn their business.”?
Arizent’s research found that small businesses want digital banking tools to manage their accounts, resources that help them defend against cyberattacks and competitive fees from their primary banking providers. Many small businesses believe that technology is the answer to their challenges, with nearly two-thirds of participants saying that they will be making investments in these solutions over the next 12 months.?
“The findings of the report are clear,” says King. “For organizations that offer the right products and services — whether they’re startups, challenger banks or global institutions — there’s a lot of potential to capitalize on untapped revenue.”?
American Banker will convene experts in the sector and unpack this research further at their SMALL BIZ BANKING conference, which takes place October 3-4 in Nashville.???
See a more in-depth look at findings from the full study at: https://www.americanbanker.com/research-report/getting-big-on-small-business-banking
Research background/Methodology
This survey was conducted from July to August 2022 with 358 small businesses in retail, construction, technology, manufacturing, financial services and other industries. Small businesses were defined as entities that own a business checking, savings or cash management account while having fewer than 500 employees and earning less than $50 million in annual revenue.
For more information on this survey or other Arizent research, contact:
Janet King
领英推荐
Vice President, Research
Arizent
M 207-807-4806
About Arizent Research
Arizent Research delivers actionable insights through full-service research solutions that leverage their first-party data, subject matter expertise, and highly engaged communities across the banking, payments, mortgage, insurance, municipal finance, accounting, HR/employee benefits and wealth management communities. They conduct research to support original insights and analysis for their various editorial and content brands, as well as custom research programs for clients in the industries they serve.
About Arizent
Arizent is a business information company that advances professional communities by providing insights and analysis and convening industry leaders. The company uses deep industry expertise and a data-driven platform to deliver its services, which include subscriptions, marketing services, live events and access to Leaders, an executive forum. Arizent also connects business communities through leading financial services brands like American Banker, The Bond Buyer, Financial Planning and National Mortgage News, as well as professional services brands like Accounting Today, Employee Benefit News and Digital Insurance.
About American Banker
American Banker empowers banking professionals with unique analysis and insight into the ideas transforming their business and industry. Across its journalism, events, research and benchmarking, it helps drive the way forward through the complexity of business innovation, retail and commercial disruption, technology, regulation, and reform. With a banking community 850K strong, American Banker’s transformative content connects leaders online, in person and in print every day.