Big Business in Small Business – how SMBs are transforming the Banking Ecosystem

The PACE – Performance Against Customer Expectations – survey has been measuring SMB customer perspectives on banking providers and the impact of technology since 2017. On considering the latest 2019 findings as a whole, four key takeaways emerge: managing customer churn, building out trust, equipping and enabling people alongside technology, and focusing on the user experience. Over the next 18 months to 2 years, I also anticipate a fifth takeaway – embedding social impact by design, as consumers demand a commitment to financial inclusion from their core banking provider, alongside transparent metrics to measure its progress and open dialogue channels to contribute to its evolution. Indeed, SMBs may be small to medium size businesses in terms of employee numbers, but they are increasingly big, innovative and sophisticated business for the banks which serve them and help them to grow. How can you best consider your customers and evaluate their needs alongside the banking, technology and social trends that matter most?