New Alkami Report Uncovers Opportunities for Financial Institutions to Enhance Relationships with Small Businesses Post COVID
Research shows small business digital transformation continues, opening the door for deeper financial relationships
For the report,
"The pandemic accelerated the adoption of financial technology for many small businesses, prompting an evolution in their business model," said
Key findings from the report include:
- Primacy is key. The primary financial institution (PFI) relationship holds sway. The key for FIs is to gain primacy through the deposit account, which is how more than half of SMBs define their PFI relationship. Digital account opening is the onramp to a broader financial relationship with these firms.
- SMBs are investing in their business. Fifty-three percent of SMBs cited technology as an investment priority—opening the door for financial providers to grow the relationship.
- FIs have most of the mindshare. More than 60 percent of SMBs believe the "bank" of the future will be a financial services company (vs. a technology company).
Cerra will share details of the report on
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