SMBs Believe they are Better Served by Fintechs

A new report by 11:FS found that small businesses believe fintechs are doing a better job at meeting their needs; only 38 percent believe their SMB account offers more than their personal account; 18 percent completely agree that banks offer the services they need to run the finances for their business; JPMorgan Chase ranked the lowest amongst banks and fintechs, Stripe was the top company by a large margin; “SMBs are the US economy, accounting for 98 percent of all businesses. They’re run by talented, passionate and determined people but when it comes to finances we discovered they are simply not getting what they need,” said Ryan Garner, JTBD lead at 11:FS, to TearSheet; the top three items small businesses want to do is track and manage cash flow coherently, make smart and proactive decisions based on financial data and build credibility for funding needs; “There is a huge opportunity for banks and fintech firms to rethink SMB financial services for the digital world,” Sam Maule, Managing Partner – North America, at 11:FS, added to TearSheet. TearSheet