Research
ReinventingBusiness Checking
The Key to Growing SMB Relationships
There’s a strategy that your community FI can use to grow its small business clients without reinventing the wheel: reinvent your business checking products.
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Take a look at SMB checking products across all types and sizes of FIs and they basically all look the same and haven’t materially changed for years. Yet, SMBs are looking for more. Two-thirds of SMBs are likely to look for new banking relationships in the next 12 months.
Among SMBs with annual revenue between $10 million and $100 million, that percentage rises to 77%.
Is your financial institution doing what it takes with your checking products to attract these business owners and leaders?Our recent report from the financial research firm Cornerstone Advisors, Reinventing Business Checking: The Key to Growing SMB Relationships, focuses on SMBs and their relationships with financial institutions.
The new report discusses what SMBs want today from banking providers as well as strategies that can help community banks and credit unions regain their relevance in the minds of business owners through better checking products.
Our Reinventing Business Checking report provides insights into how community FIs can:
Boost interchange fees while driving SMB account growth
Build, expand, and retain primary business accounts
Grow non-interest income
From these insights, you’ll learn how your FI can increase its brand strengths to gain and regain market share with modern business checking products!
The Report's Authors
About Ron Shevlin
Cornerstone Advisors Chief Research Officer Ron Shevlin heads up the firm’s fintech research efforts and authors many of its studies. He has been a management consultant for more than three decades, working with leading financial services, consumer products, retail and manufacturing firms worldwide. Prior to joining Cornerstone, Shevlin was a researcher and consultant for Aite Group, Forrester Research and KPMG. Author of the Fintech Snark Tank blog on Forbes and host of the What’s Going On In Banking podcast, Shevlin is ranked among the top fintech influencers globally. He is a frequent keynote speaker at banking and fintech industry events.
About Glenn Grossman
Glenn Grossman produces analytical studies aimed at delivering insights for innovation, growth and sustainable competitive advantage for financial institutions and fintech firms. Backed by more than 30 years of leadership experience in data analytics, product management and product development in the banking and technology industries, Grossman has published numerous retail banking articles on topics including deposit growth strategies and bank regulation. Before joining Cornerstone Advisors, Grossman was a principal consultant and senior thought leader with FICO and the product leader for a start-up fintech payments firm. He started his career in the financial services industry managing product innovation and payment strategy at Bank of America. He also served as an economist with the U.S. Department of Labor–Bureau of Labor Statistics.
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