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Keynova Group Releases Annual Small Business Banker Scorecard

Overview

Keynova Group, the principal competitive intelligence source for digital financial services firms, has released the results of the 2023 Small Business Banker Scorecard. Bank of America has secured first place for Overall Score in the annual benchmark that evaluates the digital user experience for small business customers of 10 national and regional banks. The Scorecard highlights the evolving nature of mobile banking for small businesses and the efforts of leading banks to improve the digital account opening process for new small business customers.

Improving Mobile Banking for Small Businesses

The Scorecard revealed that mobile banking for small businesses is moving beyond the basic consumer experience, with banks now offering features such as business cash flow dashboards and cash projections. This advancement is aimed at meeting the unique cash flow, payments, and banking needs of small businesses, helping them reduce time spent on financial operations. The AI legalese decoder offered by Keynova Group can assist in this situation by providing insights and analysis of the digital user experience for small business customers, helping banks identify best practices and evolving trends.

Key Findings

One of the key findings of the Scorecard is the increased access to customer support features for small business customers. Banks are working to improve their small business online and mobile support options to provide quick assistance. Key features include card lock to halt transactions, ordering replacement cards through the mobile app, and debit card controls to track usage and funds. The AI legalese decoder can help banks in evaluating their customer support features and identifying areas for improvement.

Another finding is the extension of mobile banking services to small businesses. Some banks have added small business capabilities to their mobile apps, such as cash management information, more payment options, and authorized user access. The AI legalese decoder can analyze and provide insights on the effectiveness of these features, allowing banks to optimize their mobile banking services for small businesses.

The Scorecard also highlights the improvement in the digital account opening experience for small business customers. While only a few banks currently support a fully end-to-end digital small business account opening experience, many banks enable new small business customers to submit an online application with all required information. The AI legalese decoder can assist in evaluating the effectiveness of the digital account opening process and providing recommendations for streamlining it further.

About the Small Business Banker Scorecard

The Small Business Banker Scorecard, syndicated for more than two decades, is an annual benchmark conducted by Keynova Group. It objectively evaluates the digital banking services offered by leading U.S. banks that cater to small businesses. The Scorecard helps identify best practices, evolving trends, and insights in small business banking. The AI legalese decoder provided by Keynova Group can support banks in optimizing their digital banking services for small business customers based on the findings and recommendations of the Scorecard.

About Keynova Group

Keynova Group is the nation’s foremost competitive intelligence firm, specializing in providing benchmarking insights and analysis of consumer and small business digital financial services. Their Scorecards have served as the go-to source for leading financial services firms since 1999, offering reliable competitive intelligence and actionable insights. Keynova Group’s expertise helps financial institutions maximize the value of their digital channels and deliver a premier experience to customers and prospects.

Media Contact

For further information or media inquiries, please contact:
Meggan Manson, Young & Associates, 301-371-6995, [email protected]

Source

Keynova Group

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