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Shifting into High Gear: Innovative Strategies for Small Business Banking

Published by: TowerGroup

Published: May. 28, 2007 - 10 Pages


Table of Contents



TowerGroup Take-Aways

Report Coverage

Background

Why Innovation Is Important for Small Business Banking

Exhibit 1 Distribution of US Small Businesses by Number of Number of Firms and Number of Employees (2003)

Exhibit 2 Suppliers of Financial Services to US Small Businesses (2003)

Exhibit 3 Small Business Needs Met by Innovative Products and Services (2007)

Helping Small Businesses Save Money and Time

Relationship Packages

Rewards Programs

Discount Programs

Remote Deposit Capture

Being Easy to Do Business With

Online Chat and Web Callback

Tailored Product Offerings

Handle Administrative Tasks

Small Business Accounting

Electronic Invoice Presentment and Payment

Accounts Receivable Integration

Onsite Official Check

Provide Tools and Advice

Facilitate Networking and Collaboration

Summary




Abstract

Every financial institution from global giants to local credit unions seems to be chasing the small business customer. Banks struggle to differentiate their value proposition for small business and stand out from the crowd. Innovative products and services are one means of differentiation, but few banks offer products and services beyond basic deposit, credit, and cash management. These run-of-the-mill products are becoming commodities, forcing banks to compete on price. Differentiation of products and services is a key driver impacting small business banking technology initiatives. The focus of this TowerGroup Research Note is on product innovation for the small business segment.

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