Banks have a golden opportunity to provide more personalized advice to small businesses that currently feel underserved.
Banks have an opportunity to step up their services for small business customers, according to a new report from JD Power.
“Small business owners are staring down an increasingly ominous set of challenges” and are “looking to their banks for guidance on things like available credit, tips to reduce fees, and technology that can benefit their businesses,” according to JD Power director Paul McAdam.
“SMBs want technology partners that help their business grow or reduce expenses,” he told Insights Distilled. Banks should offer both digital tools and priority numbers that give clients the ability to speak with a real human on the phone.
While banks have recently launched a slew of new products aimed at small businesses – for example, US Bank just added a new tool to help SMBs predict their future cash flow, while Barclays is hastening its cash advances – there’s still more to be done, McAdam said.
Clients want “to receive tips to help improve their business’ financial situation,” he added, as well as “practical advice on ways to avoid and reduce banking fees.”