Pitfalls Today in Small Business Banking
Overly complicated and
labor-intensive processes lead
to razor-thin margins with
many banks not able to clearly understand their own cost structure nonetheless profit
Banks are unable to provide a cohesive client experience, making customers frustrated when dealing with different bankers and options for in-person and digital channels that aren’t well integrated.
Poor client experience
lack of expertise
The bank becomes all things
to all customers, creating products that don’t quite fit
many customers’ needs or creating unscalable technology.
ownership but no accountability
unclear data and definitions
Ownership of small business banking is often shared by leaders from other areas of the bank—meaning no individual is held accountable for the performance of the segment.
A lack of standard definitions across the industry fosters an environment where small business banking is not
causing unclear data informing strategic decisions.