What’s Your Small Business Banking Bacon?
Every hip recipe has bacon in it these days. So why shouldn’t your digital banking experience be the same? After all, it’s a yummy addition that gives a standard dish that extra flair.
Small business banking has been a prodigious untapped market for over a decade. Banks desperately strive to make revenue from this market, but in most cases, they have struggled to do so.
One of the problems has been defining and understanding what a small business is. They have been defined by banks in many ways, including; asset size, number of employees, or whether they have a tax ID. Those are all viable places to start, but you need to extend beyond this and truly understand the needs of a small business. From there, you can mix the ‘ingredients’ to meld into a tempting treat that small businesses will salivate over. No, not like Pavlov’s dogs. More like kids in a candy shop.
The flavors of small businesses vary so widely, making it seem like an impossible task to build the perfect concoction. Are they tech savvy? Do they seek financial advice? How do they bank – branch, desktop, tablet, or phone – or a combination of these? How do they think – are you dealing with a Millennial brain, the ingrained habits of a Gen Xer, or a small business baby boomer? It’s more than just a vanilla vs strawberry vs chocolate dialogue.
A recipe for small business banking success
Since no business fits perfectly into any mold, you can fall back on a tried and true recipe for user experience. You’ll want a cup of equal parts:
- Curb appeal
- Facilitates and mentors where appropriate
- Works for users with disabilities
- Everything works as expected (and no guess work in finding things)
- Finances presented in a logical manner
- Work can get done without needing a financial degree
Adding the (digital) bacon – and other flavor enhancements
Now, to the bacon. Every digital experience should have ‘wow’ moments for the user. The above list doesn’t have to deliver a plain vanilla experience. There are UI components such as personalization, interaction animations, graphical charts, and responsive web design that can add flavor to your offerings. APIs are another instance of digital bacon. It’s where you can tie together internal and external services to create new interesting ways to deliver to your customer’s goals. It can quicken time to market for new entrees such as the new real-time payment services. The point is to go above and beyond and deliver the cherry on top of your digital banking application. It will help entice those small businesses and deliver stickiness like a delicious cinnamon bun… wrapped in bacon of course.
For further ruminations on reaching the small business market, check out our webinar: Customer eXperience – Does X Mark the Spot?
Related blog posts
Dumbing Down Payments and Fintech Jargon… Just in Time for the Holidays!
Mark, is there a slightly less insulting phrase for “dumbing down” something? I ask because there are some terms and topics making bigly waves today and many/most consumers outside of payments/banking/fintech/tech might not understand their significance and why they should care. With that, can we take a moment to simplify these terms and topics, while also conveying their importance to the masses—from your mother-in-law to your daughter’s daycare provider to “the old man sitting next to me making love to his tonic and gin” (I’m a sucker for Billy Joel).
The Art of Open Banking, Part 2: On the March
In the first part of my talk with @digitalbankguru (aka Mark Ranta) and @Lui_Zurawski (aka Lu Zurawski), we discussed plans that best prepare an organization for Open Banking, and in this second chapter, we explore some use cases for delivering value.
What Makes Latin America An Attractive Market for Cryptocurrencies? [¿Qué Hace a Latinoamérica un Mercado Atractivo para Las Criptomonedas?]
Cryptocurrencies are one of today’s hottest topics – seemingly in every corner of the globe. Bitcoin continues to be the most popular – and certainly the most well-known – though digital currencies have been blossoming at an unprecedented pace recently. There are currently more than 16 million Bitcoins in existence, and it is expected that there will be more than 22 million by 2022. Worldwide acceptance is growing, with over 9,800 businesses registered on the Coinmap website, compared to 2013 when there were only 133 businesses registered.
The Art of Open Banking, Part 1: Laying Plans
I recently had a great discussion with @digitalbankguru (aka Mark Ranta) and @Lui_Zurawski (aka Lu Zurawski) on what it takes to be ready for the revolution in Open Banking. It was a truly global discussion, with stories from North America, Europe and Asia; the conversation part philosophical treatise and part strategy roadmap. Following is a summary of the first part of our wide-ranging discussion on preparing for the Open Banking era.
How 'Mega Trends' Are Shaping Payments in India
In a previous blog post, I wrote about the impact of demonetization in India and the staggering growth of new digital payment types. Building further on this, I want explore some of the “mega trends” in payments, and how India is embracing the opportunities presented by these trends.
Bringing Home the Payments Bacon (And Other ‘Sizzles’ Such as PSD2, GDPR, AI and Big Data)
Mark, we’ve closed out another hectic Money20/20; my eyes are still dry; my throat is still sore; I still reek of cigarettes; I’ve eaten a lot of bacon on a stick (thanks to Zelle, a great group of people and a great partner)! So for the most part, this year’s event has been another win. And I haven’t even referenced the many terrific sessions during the week (well, I guess I just did).
What Do Open APIs Mean for Banking Business Models? PSD2 Points of View
As the January 2018 deadline creeps closer, PSD2 – and by association instant payments and open banking – is the hot topic in the payments industry. The impact of PSD2 will be felt beyond Europe’s physical borders, as it brings open banking to the fore. As with any global issue, ideas around how best to address the challenges of open banking are fragmented, and opinions differ between retail and corporate banking.
Three Ways to Build Your Business Case for Real-Time Payments
In the UK, faster payments are well established, and we have seen new innovations as well as new businesses being built since May 2008. In Singapore, which went live in 2014 with its Fast and Secure Transfers (FAST) scheme, we are starting to see similar innovations. And we can expect similar seismic shifts in payments innovation for years to come, as Instant Payment schemes in Europe and Real-Time Payments in the US go live, ubiquity increases and real-time payments become the new normal.
Security, the New Payments Ecosystem and the Need to Educate the Consumer (Or Ask Them to Unclog Your Sewer!)
When it comes to any payments ecosystem, you must remember that we are talking about MONEY. More importantly, people’s money (like yours and mine). In any conversation in this space, secure is something that is assumed. A consumer simply won’t use a new system if they don’t believe it is secure. Unless of course it’s free Wi-Fi. As we have seen, folks are willing to do almost anything to get free access on their devices, even agreeing to clean toilets! (This was a real thing… one hotspot operator added it to their Terms of Service fine print). When we talk secure, it’s important that we keep this in mind: secure is not just a piece of the Hierarchy of Payment Needs, it’s an integral part of it, which is why it sits directly on top of the foundations. Without this layer, the whole ecosystem collapses.
Three Reasons Why Corporate Banks Must Invest in New Security Measures
The New Payments Ecosystem brings great opportunities, if banks can mitigate the new risks and threats that arise. Real-time and open payments enable a wealth of new revenue streams; however, the potential for growth must be balanced against maintaining payments security. They cannot break the bank.