June 21, 2017
Only 2 to 3% of banks across the country provide any kind of digital business borrowing access to their small-business, middle-market, and even their commercial clientele. In fact, across the board, small and medium enterprises (SMEs) get short-shifted by financial institutions when it comes to access to enabling technology that would allow them to more conveniently and efficiently manage their business financials. Overall, less than a quarter of small business banking products can be applied for online and less than 9% have a mobile-friendly experience.
All of this is extremely surprising given the average small-business relationship, when properly penetrated by the bank, generates in excess of $4,000 per year in revenue, while a typical retail client only generates about $1,000 in annual revenue.
As financial institution ...