Does your digital platform offer a one-stop-shop experience?
For years, small businesses have been wanting to make the move towards a digital-first experience. Today’s pandemic has only accelerated this trend. Does your digital platform have the capabilities to thrive in this new digital era?
Answer Yes to these five questions below to see if your FI is properly prepared:
a. 70% of customers abandon the onboarding process after 20 mins.
Does your platform enable small businesses to set up an account within 5 minutes or less?
b. Onboarding is the most valuable moment to drive share of wallet.
Does your onboarding process enable users to sign up to multiple product selections?
c. Small business advisors/support staff can reduce the abandonment rates and drive product adoption.
Does your small business advisor receive an alert in case there is an issue during the onboarding or origination process?
d. Smaller FI’s in Canada experience that 8 out of 10 customers bank at more than one financial institution.
Does your platform allow embedding of external account activities from other banks & accounting providers to provide a complete 360° view for your small business customer?
e. Cash Flow is the #1 concern for small businesses.
Does your platform look at the entire small business consolidated banking position, beyond your own bank, and provide actionable insights for business owners to optimize their liquidity position?
If you replied No to any of these questions, consider validating your platform capabilities as this will be table stakes for small businesses.
Let’s chat at [email protected], Backbase can help you better understand the challenges of small businesses and how our solution can address your gaps.
About The Author
Randy Johal is the Customer Strategy officer for Canada at Backbase.
Randy helps financial institutions turn their digital ambitions into reality with the goal of delighting their customers and driving unique value propositions to thrive in an increasingly competitive marketplace.
He pioneered the launch of the first integrated business services within digital banking in Canada including electronic invoicing and payments as well as cloud-based payroll solutions. Randy’s strategic insights into Canadian consumers and businesses, the impact of open banking and Payments Modernization coupled with his ability to understand how financial institutions can better serve their customers have made him a widely sought-after leader.
Randy was formally trained as an accountant in the UK before owning his own business and becoming increasingly interested in technology-enabled business. Randy has led teams who provided business solutions to top names globally including Hertz, Citizens Bank of Canada, Vancity Credit Union and Central 1.