NEW YORK (PRWEB) NOVEMBER 14, 2023
Arizent, the parent company of American Banker, a leading information resource serving senior executives in financial services, publishes its Small Business Banking 2023 research report. The findings reveal that financial institutions have a strong focus on small businesses, with the majority prioritizing acquiring new accounts and lending to drive growth; but in a highly competitive space, retention may be a smarter focus.
The results indicate that retention efforts can be supported by offering existing small business clients nontraditional services like guidance, counseling and financial education, which will make them even better consumers of banking services, such as lending.
"Small businesses are pivotal opportunities for financial institutions, and nontraditional services may hold the key to retention," says Janet King, Vice President of Research at Arizent. "The research shows that organizations who report good levels of success with developing personal relationships are twice as likely to provide nontraditional services like financial education."
Two-thirds of respondents, including 95% of large banks and 65% of mid-size banks, believe their institutions offer the right mix of services to make them one-stop shops for small businesses. However, the participants give themselves low marks when it comes to nontraditional services such as financial education. Furthermore, nearly one in 10 respondents say they do not offer any nontraditional services to their small business customers.
The report and its findings will be presented during a panel discussion with Janet King and Chana Schoenberger, Editor-in-Chief of American Banker, at American Banker's SMALL BIZ BANKING conference, taking place November 13-15, 2023 in Nashville.
To read full details of the report, including the challenges that financial institutions face when serving small businesses, download here.
For more information on this survey or other Arizent research, contact:
Janet King
Vice President, Research
Arizent
janet.king@arizent.com
M 207-807-4806
Research Methodology
Arizent, parent company of American Banker, surveyed 128 respondents online from August 22 to September 9 with 85% representing banks and 15% for credit unions. More than four-fifths of participants hold managerial positions, including nearly 10% who describe themselves as C-level executives.
About American Banker
American Banker empowers banking professionals with unique analysis and insight into the ideas transforming their business and industry. Across its journalism, events, research and benchmarking, it helps drive the way forward through the complexity of business innovation, retail and commercial disruption, technology, regulation, and reform. With a banking community 850K strong, American Banker's transformative content connects leaders online, in person and in print every day.
About Arizent
Arizent is a business information company that advances professional communities by providing insights and analysis and convening industry leaders. The company uses deep industry expertise and a data-driven platform to deliver its services, which include subscriptions, marketing services, live events and access to Leaders, an executive forum. Arizent also connects business communities through leading financial services brands like American Banker, The Bond Buyer, Financial Planning and National Mortgage News, as well as professional services brands like Accounting Today, Employee Benefit News and Digital Insurance.