More payment options, cash flow tools and customization help improve the online banking experience for small businesses
Keynova Group releases 2022 Small Business Scorecard
WILMINGTON, Del., July 12, 2022 /PRNewswire-PRWeb/ — Keynova Group, the leading source of competitive intelligence for digital financial services companies, today announced the results of its 2022 Small Business Banker Scorecard. The annual Scorecard measures the digital user experience of small business customers across 10 national and regional banks. Bank of America retained the top position, ranking first for the overall score. The 2022 Small Business Banker Dashboard revealed key industry trends, including advances in payment and money movement user interfaces and greater personalization.
“Small businesses have unique banking needs and large banks are responding with enhancements that ensure their small business customers have multiple payment options and effective cash flow and money management tools through their banking experience. digital,” said Susan Foulds, Managing Director, Keynova Group. “Banks are beginning to offer small businesses real-time payments with instant delivery; along with ACH billing and receivables, custom reporting, and personalized digital options, these banks offer powerful capabilities.”
More and faster money movement options
Today’s small businesses increasingly expect expedited receipt and crediting of funds or instant payments. While real-time payments (RTP) reach 61% of US consumer accounts, fewer banks are currently offering it to small businesses. Only two of the 10 Scorecard banks – Chase and Citi – offer RTP with instant payment delivery to individuals and other businesses. Like larger businesses, sending ACH payments directly to employee, vendor, or vendor accounts is an essential money-moving option that many small businesses need. Yet only 60% of banks provide small businesses with outbound ACH and only 30% allow them to request payments via ACH for receivables, a feature that can be particularly useful when integrated with invoicing. 30% of the banks surveyed – Bank of America, Citizens and PNC – also support invoicing from their online small business banking sites, allowing them to create and send invoices and track receivables.
Cash flow and expense analysis is important for small business bankers
Because cash flow management is of particular importance to businesses, Bank of America and PNC offer reporting tools designed specifically for small businesses, including default report generation and advanced settings for more customized analysis. Overall, 40% of banks rated offer projected cash flow by day, week, or month, and 70% offer the ability to generate an expense report based on transaction history. As customizing these reports for different types of businesses can be helpful, 60% of banks allow small businesses to categorize or edit transactions rather than using bank-assigned categories and 40% allow them to create custom categories. Nearly half (40%) of banks allow the expense report or cash transactions to be exported to a filed spreadsheet and provide a printable version of the report online.
Personalizing the Small Business User Experience Adds Value
Customizing the small business user experience includes both the ability to choose interface options with desired information or navigation links to frequently used tasks and the provision of accessible, business-oriented customer support channels. Today, 30% of the banks surveyed, including BMO Harris, Huntington and Truist – allow small businesses to customize their dashboard summary screens to varying degrees by selecting what information to display or adding links via widgets or tiles. Near real-time chatbot messaging is also trending, creating a request and response thread that authenticated customers can refer to later rather than waiting for a chat response or live agent assistance, and often replaces the old message center. Currently, only 20% of banks offer two-way messaging to their small business customers, while twice that percentage of banks offer it in consumer online banking, according to the Q2 2022 Online Banker Scorecard. Real-time live chat is provided to small business online banking users by 40% of banks and Citi is the only bank to offer video meetings with business customers. Proactive notifications about account activity is another emerging service to keep customers informed. Bank of America stands out by providing proactive balance or overdraft notifications to its small business customers through its mobile app.
About the Small Business Banker Scorecard
Syndicated for more than two decades, Keynova Group’s annual, evidence-based Small Business Banker Scorecard objectively assesses the digital banking services offered by leading U.S. banks that provide small business-focused capabilities to identify best practices, evolving trends and ideas. These banks include: Bank of America, BMO Harris, Chase, Citi, Citizens, Huntington, PNC, Truist, US Bank and Wells Fargo. For more information, please visit: https://www.keynovagroup.com/scorecards/#banking
About the Keynova Group
Keynova Group is the nation’s leading competitive intelligence company, providing trusted information and benchmarking on digital financial services for consumers and small businesses, including banking, credit cards, home loans and insurance. Since 1999, Keynova Group’s scorecards have been the go-to source for leading financial services companies to gain reliable competitive intelligence and actionable insights. The company’s proven methodology and highly detailed results help its clients maximize the value of their digital channels to deliver a top-notch experience to their customers and prospects.
Megan MansonKeynova Group, 301-371-6995, [email protected]
SOURCE Keynova Group