Businesses are facing an influx of new financial providers that challenge the loyalty to traditional banks. To retain their customer base, banks need to adapt their strategies by integrating value-added services and collaborating with partners. Building on the trust established with customers is crucial, as 97% of bankers acknowledge its importance. However, relying solely on this trust is no longer sufficient against emerging competitors. Small and mid-sized businesses (SMBs) now seek comprehensive solutions that streamline their financial operations, emphasizing the need for banks to innovate and deliver integrated services.
In addition to trust, banks need to offer additional value-added services like payroll to stay ahead of challenger banks.
According to a U.S. Bank survey, 56% of SMBs prefer a consolidated financial management platform with a comprehensive suite of banking, payments, and software solutions.
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