On Sept. 13, Laura Bruck from EZShield and Jacob Jegher from Javelin Strategy & Research co-hosted the webinar “How Banks Can Build Loyalty by Countering Fraud in Small Business Banking.” The presentation analyzed small business banking trends, including the growing fraud risks this robust subset faces.
Jacob and Laura covered numerous small business banking trends — so things moved pretty fast. We wanted to take some time to slow down and recap on our biggest takeaways. Plus, we want to give anyone who missed our webinar the opportunity to request a copy of the recording for themselves.
Small Business Banking Trends: Top 3 Webinar Takeaways
1. Digital Dominates the Future of Small Business Banking
Small businesses love digital banking. Seventy-six percent of small businesses use online banking services at least once a week. And nearly 30 percent now use mobile banking weekly.
But while utilization is growing, some features are still limited. Most small businesses use digital banking strictly for basic transactions and monitoring. By offering a more robust digital experience, financial institutions can increase engagement and new fee income from value-add services.
2. The Latest Small Business Fraud Figures Are Frightening
From data breaches to payment fraud to full-blown business identity theft — small businesses are quite simply barraged by threats. They incur a mean fraud loss of $6,058. These losses magnify when it comes to microbusinesses, who average a staggering $14,724 in fraud losses.
Personal and business account intermingling, distorted views on data protection and mediocre fraud detection rates are to blame for the elevated rates.
3. Engagement Should Be a Key Focus
The current small business experience is rather fragmented and there is room for improvement. Creating an engaging experience across multiple channels should be a primary focus on your roadmap. With a tailored approach, banks and credit unions can unearth more profitable small business banking customers.
Thank you again to everyone who joined us for the webinar. We hope you enjoyed learning about these small business banking trends and found insights to propel your small business program.