Much has been written about the innovations in consumer banking and how fintech has changed the retail banking landscape dramatically in the past decade. This rapid pace of change is about to hit small business (SMB) banking. So, here at LendIt Fintech we decided to produce a new white paper completely focused on SMB fintech innovation.
In the white paper we focus on a number of themes including:
- Accelerating innovation in the small-to-medium-sized- business banking market
- SMB expectations for enhanced services
- Bank and fintech strategies to serve this market
- Mobile banking designed for SMBs
- A vision for the future of SMB banking
Our research team conducted numerous interviews with senior executives at a variety of banks and fintech platforms. They also analyzed product launches and partnerships from scores of global financial institutions including JPMorgan Chase and Wells Fargo.
The small business banking landscape is set to change as new tools become available and SMB owners adjust their expectations based on the consumer friendly products they see in retail banking. No longer satisfied with the banking services rooted in the 20th century SMB owners are driving change. But they don’t want everything automated they want a combination of high tech and high touch.