Small business clients value functionality over rate, and many banks’ business checking account offerings fall short because they don’t meet the needs of today’s small business owner, says Derik Sutton, chief marketing officer at Autobooks. A vast majority of small businesses earn less than $500,000 in annual revenue, he says, and a very large share are also solo operators. Banks can better win over this clientele by adding practical capabilities to help them manage their business, such as cash flow visibility and easy access to a line of credit.
Topics discussed include:
• Small Business Demographics
• Cash Flow Management
• Nonbank Competition
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