Business banking is more than financing
There are 30.2 million small businesses operating in the US, constituting 99.9% of businesses in the country. A total of 58.9 million small-business employees represent almost half (47.5%) of the US private workforce. According to the latest data from the International Trade Administration (ITA), a total of 294,834 companies exported goods from the US in 2015. Out of these, 97.6% were small firms; they generated 32.9% of the United States’ $1.3 trillion in total exports.
Small businesses are the backbone of modern economies, in which the democratization of financing opens new frontiers for an increasing number of entrepreneurs. Technology made it possible to painlessly set up and run a business – all software necessary to set up essential functions is on the market today (Stripe Atlas, Holvi, QuickBooks, and a number of function-specific solutions).
Small-business banking services offered by the institutional sector, however, are still inadequately limited in their comprehensiveness to a mere line of credit, leading to an increased interest in exploring alternative options. The Bank Administration Institute (BAI) shares that between 2016 and 2017, small-business deposit growth dropped 40% (from 5% to 3%). The FIS™ Performance Against...