Thursday, March 14, 2013
INDUSTRY INNOVATION SESSION- SOLE PROPRIETORS AND MICRO BUSINESSES: THE UNDERSERVED MAJORITY
Businesses with 5 or fewer employees represent 90%+ of all businesses but few U.S. financial institutions have proactively sought to build solutions to address the needs of this group. In the underserved gap between the retail branch and business banking organizations, a huge number of small businesses consider their financial institution’s products not relevant to their needs. Too often, these customers go outside the financial institution for the advice and tools to help manage their finances and grow their business.
In this session, Kevin Burke will discuss how a few innovative financial institutions in the UK and US have developed propositions to meet the specific needs of sole proprietors and micro businesses. By educating and engaging with customers in conversations around value added services that move outside of traditional core banking offerings, these financial institutions have seen increases in customer acquisition, reductions in bad loans and improved customer satisfaction.