Businesses across the country are trading hands to their younger inheritors. This massive shift in ownership of small- and medium-sized businesses represents an equally massive shift in how financial institutions should think about business accounts. Millennial and Gen Z SMB owners bank and communicate differently than their predecessors. And banks that ignore this risk the market share.
This is not your granddad’s banking relationship
Millennials and Gen Z SMB owners do business and bank differently than their predecessors. It feels almost too obvious to state, but younger generations have a strong preference for digital and mobile interfaces, and that extends to business owners who are younger. An Apiture-Harris Poll study reports 80 percent of Gen Z and Millennials prefer digital banking, and more than half identify it as a priority when choosing a new financial institution.
In addition to their predominant preference for online banking options, younger SMB owners have high expectations for intuitive banking platforms, personalization, and ease of self-service. And believe it when they say they will abandon if a loan application, report, or payment process is too complicated, inconsistent, or takes too long. If you are to attract new business accounts, be sure to factor autonomy, clear and responsive design, and digital banking into the experience.
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Check out the full article published on banknews.com
