The Small-Business Banking Maturity Path: Building the Financial Hub
- Date:March 18, 2021
- Author(s):
- Ian Benton
- Report Details: 20 pages, 6 graphics
- Research Topic(s):
- Digital Banking
- Small Business
- PAID CONTENT
Overview
Javelin’s Small-Business Banking Digital Maturity Path provides a strategic framework for FIs to evaluate where they stand today and how to get to their desired future. A financial institution’s digital development is marked in four stages, from a platform based on consumer-first features, to one that is business-focused but merely achieving transactional competence, to one built on insight and engagement in the traditional banking realm, to one that serves as a hub from which a business can manage its entire financial life.
Multiple lanes make up the road to digital maturity. Successful FIs will marshal their resources and commit to development in four key areas: offering features and functionality, designing products and services to meet business needs, building an efficient user experience, and organizing the institution internally to remain focused and nimble. For many banks serving businesses, the pinnacle of success will be reached when they are in position to be a digital hub for activities beyond traditional banking and payments, encompassing point-of-sale payment acceptance, payroll services, accounting tools, sales and marketing management tools, and other business management capabilities.
Key questions discussed in this report:
- What are the obstacles banks face in attracting, retaining, and satisfying small-business customers?
- How do banks move through the stages of digital banking maturity?
- What does success in digital business banking entail for financial institutions?
Interested In This Report
Related content
Card Controls: A Service in Search of a Strategy
The current adoption of card controls by consumers is disappointing, but several indicators suggest that better positioning of these features by financial institutions would spur m...
How to Supercharge Digital Banking with Payroll Data
Blind spots hinder banks and credit unions from providing reliable financial advice in digital banking. Fintechs such as Argyle, Atomic, Flinks, and Pinwheel are jockeying to provi...
Generation Z: Halfway to Adulthood and Ready to Borrow
Approximately half of Generation Z—those born since 1997—has graduated into adulthood, and that carries strong implications for financial institutions. Gen Zers are moving beyond f...
Make informed decisions in a digital financial world