If you haven’t been paying attention to your small business banking segment, then your financial institution may be in for a rude awakening.
The Financial Brand reports that half of all small businesses are considering leaving their primary bank in the next two years, according to new research from Aite Group. Further, a full 14 percent said they will definitely be doing so in that time span.
While small businesses have historically stuck with the community and regional institutions for their borrowing and banking needs, the digital age has made these businesses more complex and their demands from banking partners have grown with that complexity. This has opened the door for new competitors in the form of fintechs, alt lenders, and big tech.
The good news, however, as The Financial Brand points out, is that digitally mature banks have an opportunity to capture this disaffected market share.
And, this November 19-21, bankers will get an opportunity to learn how to do just that, as the business banking community descends on to Los Angeles for the annual Small Biz Banking Conference.
The three day event, organized and hosted by American Banker, brings the nation’s small business bankers together to network, share thought leadership, and participate in breakout sessions. This year’s agenda promises content covering deposits, services, and overall business growth.
Speaking specifically on growing relationships will be a breakout session presented by MidFirst SVP Susan Simper and Numerated Founder and CEO Dan O’Malley. The two will discuss how the MidFirst and Numerated partnership came together to create a competitive advantage for MidFirst in business banking.
The session, “Creating a Competitive Advantage in Business Banking,” will breakdown the bank/fintech partnership based on the digital tools Numerated provides and the wins they enable at MidFirst. Dan and Susan will also help provide perspective by showing specifically how the partnership improved both banker and customer experiences.
Interested attendees can join the MidFirst and Numerated breakout session on Wednesday, Nov. 20, at 4PM as part of the Financing Profitability track. The Numerated team is also available to speak at Booth 211.
Contact us today to schedule a meeting during the conference.