Trends Report

The Digital Disruption Of Small Business Banking

Banks Must Improve Digital Services For SMEs — Or Lose Customers To Disruptors

February 19th, 2019
Peter Wannemacher, Principal Analyst
Peter Wannemacher Principal Analyst
With contributors:
Aurelie L'Hostis , Alyson Clarke , Oliwia Berdak , Benjamin Ensor , Jacob Morgan , Piers Conway , Diane Lynch

Summary

Over the past decade, established banks have worked hard to extend their products and services to retail customers who've moved onto digital touchpoints. But digital banking for small and medium-size enterprises (SMEs) has lagged. SME owners use a range of apps and websites, but banks' own digital services often trail those of the disruptors that are filling the gaps. As a result, established bank brands risk disintermediation. Digital banking teams need to shift from product-focused approaches to strategies and services designed around SME customer outcomes.

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