Business Credit Scores and the FI Opportunity
- Date:November 30, 2023
- Author(s):
- Ian Benton
- Report Details: 6 pages, 4 graphics
- Research Topic(s):
- Digital Banking
- Small Business
- PAID CONTENT
Overview
Business credit scores are important components in financial management for small businesses, enabling them to secure financing, obtain credit cards, and access trade credit at large suppliers. But credit scores remain underused and misunderstood by business owners, with only 38% aware of their current score. This perception gap means entrepreneurs are navigating financial waters with a blind spot regarding how their business behaviors influence credit availability and terms, potentially restricting their growth and access to capital.
This is a clarion call for banks to step into an advisory role. Financial institutions that bridge this knowledge gap can transform the borrowing experience and guide business owners to improve creditworthiness and broader financial opportunities. Banks that integrate credit monitoring and education within their authenticated online and mobile platforms can position themselves as strategic partners, crucial in deepening relationships and advancing the financial acumen and success of small-business clients.
Companies Mentioned:
Bank of America, Dun & Bradstreet, Experian, Equifax, FICO, TransUnion, VantageScore
Learn More About This Report & Javelin
Related content
Ongoing Onboarding: The Key to Deeper Customer Relationships
To deepen digital engagement beyond glance-and-go activities like reviewing balances, digital banking strategists must rethink how to onboard customers over the long haul. Javelin’...
1033 in Small Business Banking: Dig In or Go on the Offensive?
Banks with small-business customers face a choice as they comply with the consumer data-sharing dictates of Section 1033: check the regulatory box or go big, treating Section 1033 ...
Grading Today’s Chatbots: Persistent Shortcomings Limit a Mobile Necessity
Although 18 of the top 20 U.S. banks have a chatbot, they continue to fail at providing meaningful answers to customers beyond simple requests, significantly hindering their abilit...
Make informed decisions in a digital financial world