How Banks Can Support Small Businesses as America Reopens

Stay-at-home orders are being relaxed across the U.S., and banks have a unique opportunity to take a proactive role in helping their small-business clients navigate that process. Business owners will be faced with a multitude of challenges, including re-establishing business with a tentative customer base, investing in changes to the physical environment, developing new payment acceptance capabilities, rethinking operational (and banking) practices, and navigating CARES loan repayment and forgiveness – and there is room for banks and other financial services companies to provide support throughout.

 

Ian Benton and Mark Schwanhausser will dive into newly-collected data to show:

 

• How behaviors have changed among business owners, including banking channel migration, nonbank financial services usage, and payment

• What actions small businesses have taken, and plan to take, as the reopening process progresse

• The areas in which small business owners need help from their bank

 

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Ian Benton

Senior Analyst, Digital Banking & Payment

 

Mark Schwanhausser

Director, Digital Banking