Alkami and Aite Group Release Results of Small Business Banking Survey
Survey of 1,000+ small U.S. businesses gives banks insights on how to meet the true banking needs of this growing customer segment
PLANO, Texas, Sept. 25, 2019 /PRNewswire/ -- Alkami Technology Inc. (Alkami), a leading cloud-based digital banking solutions provider for U.S.-based banks and credit unions, has released the results of their small business banking survey conducted by Aite Group.
In July 2019, Aite Group, a global research and advisory firm in the financial services industry, surveyed 1,008 U.S.-based small businesses to learn the evolving needs and expectations of small businesses and where their primary institutions often fall short. The small businesses surveyed generated between $100,000 and $20 million in annual revenue.
Christine Barry, research director for Aite Group's Wholesale Banking practice and author of the report said, "The small-business customer segment promises growth opportunities and untapped revenue potential to regional and community banks with the right strategy and product offerings. Banks know that winning the hearts and wallets of small-business customers isn't easy. But with this report, they'll be poised to address what small businesses need."
The report examines the impact of emerging fintech companies while highlighting how key factors such as business size, age of business owner, and comfort with technology influence banking preferences. Ultimately, though many core banking products and services are available, the needs of small-business customers continue to evolve, resulting in a disconnect between customer expectations and the delivery of offerings from financial institutions (FIs).
"Small businesses are the backbone of the U.S. economy," Holly Tsourides, Alkami's Chief Marketing Officer, said. "Because regional and community financial institutions are responsible for 90% of small business lending, their business banking strategies have a significant impact on more than just the success of this customer segment. With the insights from this report, FIs can enhance their business banking offerings and improve how they serve their small business customers."
Alkami will kick off their invite-only Gold Standard Event Series this October with Barry presenting research and results from the report in Dallas, San Diego and Boston.
To download the official report, click here.
About Alkami
Alkami Technology, Inc. is a leading provider of cloud-based digital banking solutions. Alkami's solutions reshape the modern banking landscape by delivering bold and innovative digital capabilities to U.S. banks and credit unions.
The Alkami Platform enables clients to personalize the digital banking experience for their consumers and businesses and build a thriving and engaged digital community in a digital-first banking world. In addition to providing a modern and frictionless user experience, Alkami's clients equally benefit from the security-conscious and proven system architecture of continuous innovation on a single multi-tenant code base for all clients.
For more information about Alkami, please visit www.alkami.com, visit them on LinkedIn at www.linkedin.com/company/alkami-technology or on Twitter at @alkamitech.
About Aite Group:
Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us on the web and connect with us on Twitter and LinkedIn.
SOURCE Alkami Technology, Inc.
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