How Digital Features Can Set Business Credit Cards Apart
- Date:March 16, 2023
- Author(s):
- Ian Benton
- Report Details: 21 pages, 13 graphics
- Research Topic(s):
- Digital Banking
- Small Business
- PAID CONTENT
Overview
For decades, most small-business card issuers have marketed credit cards based on commoditized features such as rewards programs, cash-back bonuses, annual percentage rates, and fees. Banks remain slow to add digital enhancements, and even slower to market them as differentiating factors in their card offerings.
Several fintechs have exploited this status quo by touting digital features that help small businesses generate true time and cost savings and run their operations more smoothly. This report provides an overview of digital best practices among fintech card issuers, and explores how banks can implement digital functionality that will strengthen their relationships with business customers, and provide a compelling reason for business owners to stick with cards offered by their primary financial institution.
Key questions discussed in this report:
- What digital card management functionality should banks and credit unions adopt to strengthen their credit card programs?
- What digital tools should FIs implement to make cards essential elements of small businesses’ operations?
- What are best-practice examples of these digital functionalities and tools?
- What role can cards play within the broader relationship between small businesses and FIs?
Companies Mentioned:
Abacus, American Express, Bank of America, Bento, Brex, Capital One, Divvy, Expensify, Huntington Bank, Lili, QuickBooks (Intuit), Ramp, Stripe, U.S. Bank, Wells Fargo, Xero
Learn More About This Report & Javelin
Related content
Data Snapshot: Satisfaction with Primary FIs Is Plunging
Overall banking satisfaction among young adults has plummeted to 52%, falling from 64% since 2019. This trend—part of the Digital Banking Data Snapshot series—exposes shortcomings ...
Data Snapshot: The Nature of Work Is Changing
In these post-pandemic times, 38% of American professionals now engage in freelance work and must manage their complex financial lives with digital features and tools that are bett...
Data Snapshot: Consumers Are Surviving, Not Thriving
Most American consumers are confident they can meet their week-to-week and month-to-month financial obligations, but progress toward long-term goals like saving for retirement or p...
Make informed decisions in a digital financial world