Maintaining business financial health is a challenge. Most entrepreneurs are not financial professionals, nor are they fluent in the language of banking, payments, and financial analysis. In a business environment that’s ever-changing and ridden with potential pitfalls, being proactive about business financial health can mean the difference between success and failure. With the surge in new business formations and increased competition from Silicon Valley, it’s time for banks and credit unions to provide small business owners with the digital tools and resources they need to monitor their finances, track expenses, analyze data, manage cash flow, and make informed decisions about their business.
In this report, Javelin establishes 11 principles of business financial health and provides strategic and tactical recommendations as to how banks and credit unions can incorporate these principles into marketing, product design, and the digital banking experience.
Key question discussed in this report:
- What makes a business financially healthy?
- How do business owners respond to business management and financial health features?
- How can banks, credit unions, and platform vendors build financial health principles into digital banking?
Abacus, AccessSoftek, American Express, Bank of America, Bento, Capital One, Chase, Bank Expensify, Found, Futrli, Huntington Bank, Intuit’s QuickBooks, Lili, Monit, PayPal, PNC, Square, U.S. Bank
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