Reaching Small Business Customers & Members
Linda O’Connell of Barlow Research Associates, Inc. recently reported on the small business market and the financial services industry. Often mixed in with start-ups, smaller businesses represent a large part of the financial services market and are mature companies with diverse banking needs. As reported by O’Connell:
On average, companies with sales of $100,000 to <$1 million use almost seven financial products for their business. Approximately, five products or 78% are used at their primary bank. The products used the most by this segment are deposit, card and savings products. So it is vital that banks can answer the basic questions, open/activate and service these products at the branch, online and on the phone.
For more insights and statics on the small business and finance landscapes, Linda’s full article is available here.
How is your institution reaching small businesses? Leave us a comment below.