Small Business Insights

Regaining Control of Small Business Relationships

Modern businesses need so much more from their financial institutions — and legacy banking products and services no longer cut it.

You can help. Better serve and monetize SMBs by offering them exactly what they need.

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Small business has evolved
(but most banks haven't kept up)

As businesses have transitioned from in-person to online, digital solutions have become even more crucial to their ongoing success. Innovative non-bank providers have seized this opportunity — and are quickly pushing FIs out of the relationship.

It doesn’t have to be this way. FIs can compete — and take back small business relationships. But it will take a smart mix of technology and services, with the ongoing support that will ensure their success.

Most businesses go it alone (as in one person)

Although the vast majority of small businesses are one-person operations (81%, to be exact), that still doesn’t mean they should go it alone. These small business customers require more than the usual cookie-cutter services or accounts.

They’ll need smart, tailored solutions that will help them do more with less — far less.

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Let’s not forget the self-employed (41.1M of them)

Gig workers generated about $1.28T in revenue in 2018. That’s on par with the economic output of an entire country, Spain. The vast majority of them may be underserved in retail accounts — and likely not a good fit for commercial banking either.

It’s no wonder that so many of them are turning to digital, non-bank providers.

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It all starts here (and it only takes about 22 minutes)

A business is only as secure as its next sale or source of income. Autobooks enables an SMB to enroll, request payment, and get paid within minutes — all from inside their bank’s online or mobile banking.

For your FI, that means increased deposits, additional NII streams, and improved customer retention.

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The longer that small businesses rely on Autobooks, the less they turn to third-party providers

Autobooks recently analyzed a cohort of small businesses that bank with a partnering FI. In just nine months after being installed (in May of 2020), Autobooks usage increased steadily to 347%, as third-party usage decreased by 77%. As a result, corresponding deposits grew dramatically — to more than $3.5 million.