Tuesday, November 29

Tag: Fintech

How banks can ward off competition for small-business clients
Business

How banks can ward off competition for small-business clients

The traditional banking industry may need to improve its small-business product offerings to avoid losing customers to a new crop of competitors.That's according to a new survey from Arizent, the parent company of American Banker, which found that companies such as PayPal, Square and Chime have already taken a significant share of the market."While small businesses are loyal to their primary banking providers and show relatively low levels of switching, most still use more than one organization to access banking services, which provides a welcoming competitive access point for new entrants," the report stated. The report is being released Monday in connection with the start of American Banker's Small Biz Banking Conference in Nashville, Tennessee.Out of 358 businesses surveyed, 45% said...