The essential digital banking services needed now by small businesses
While digital transformation has been at the forefront of banking agendas for some time, recent events have amplified and accelerated the need for digital services, especially among small businesses.
Many smaller businesses are under-served by their banking partners. As a result, they are increasingly turning to larger banks with more robust digital capabilities, or to emerging fintech challengers with more compelling value propositions.
Join Christine Barry, research director for Aite Group's Wholesale Banking practice, and Norm DeLuca, Managing Director, Banking Solutions at Bottomline as they discuss the questions banks and their small business clients are exploring including:
- 35% to 40% of small businesses either continue to use consumer or consumer-like banking platforms. Are they being well served?
- Can sophisticated digital banking services be affordably delivered?
- Are banks effective at educating their business customers about digital tools that can help them run the financial end of their business?
- What are the essential digital service offerings for this segment?
Christine BarryChristine Barry serves as research director for Aite Group's Wholesale Banking practice, focusing on the strategies and technology implementations of global banks of all sizes. Her recent research has addressed global cash management trends and technologies, capturing the valuable small-business customer, corporate mobile banking, the drivers of global core banking system replacement, remote deposit capture, and best practices for community banks and credit unions. She is a seasoned banking industry expert with more than 15 years of experience in financial services products and technologies. She has worked with a broad range of U.S. and international clients, analyzing industry trends and identifying market opportunities, product gaps, and potential partners to help them achieve their strategic IT goals.Ms. Barry has presented her research at various conferences, including the AFP Annual Conference, NACHA Payments and NACHA Global Payments, BAI Retail Delivery, BAI TransPay, Windy City Summit, TMANE, and several technology vendor user conferences across the globe. She has been quoted in various media outlets, including The Wall Street Journal, The New York Times, BusinessWeek, American Banker, Bank Systems & Technology, and Credit Union Times. She has also appeared on CNN.Before joining Aite Group, Ms. Barry was a senior consultant in the strategy practice at HighQuest Partners, where she helped technology companies to enter, grow, and succeed in U.S. markets. Prior to that, she was a senior analyst for Celent Communications' banking group, with a focus on cash management, commercial lending, core banking/processing, small-business banking, mortgages, and biometrics. She did similar work as a research analyst for the e-financial services group at Meridien Research (now Financial Insights). She began her career gaining in-house experience as an associate in commercial and municipal lending at KBC Bank and as a financial analyst for Citibank in the firm's global derivatives and strategic initiatives groups.Ms. Barry holds an M.B.A. from Babson College and a B.A. in international business from Villanova University. She is a triathlete and has completed six marathons.
Norm DeLucaManaging Director, Banking Solutions, Bottomline