With more businesses choosing FinTechs and Neo-banks to address their financial needs, financial institutions must innovate quickly and stay up to date with the latest business banking trends to get ahead of the competition. In fact, 62% of businesses say that their business banking accounts have no more feature benefits than their personal accounts. Fintechs have seized the opportunity and now over 140 of them have surfaced to help businesses manage their finances. Financial institutions are struggling to keep up.
Narmi spoke with businesses directly to identify what their current business banking experience is like and what additional features they would like to have. To help you better understand what makes a great business banking experience, we’ve put together Designing a Banking Experience that Empowers Businesses to Succeed.
A banking platform built with the business owner in mind will help businesses focus on what matters most - running a successful business. In turn, financial institutions will be able to grow accounts, drive business deposits, and get ahead of FinTech competitors stealing away market share.
No business is the same. Each has different financial needs and a way of running the business. Narmi chose to talk with a range of business owners via video chat. An early-stage startup, a dog walking service, a bakery, a design agency, and a CPA firm were just some of the businesses that shared their experience. Each individual used a variety of banks, including Wells Fargo, Chase, Silicon Valley Bank, Bank of America, and more.
Our goal was to better understand how business owners use their bank, what they liked and disliked about their banking experience, discover how they would want to assign access to other employees, and explore possible new features.
Want to read more? Download your free copy of Designing a Banking Experience that Empowers Businesses to Succeed.