Building Sustainable Engagement in Business Digital Banking

Banks must expand their concept of what sits under the umbrella of business banking if they are to stand out in an increasingly competitive landscape and engage business owners in the online and mobile channels.

This means giving these customers tools that are essential to day-to-day and long-term management of their businesses: cash-flow analytics and projection, digital account opening, a daily “news feed” of essential insights and action items, bite-size interactions that business owners can accomplish in two minutes rather than in 15, mobile deposit, and point-of-sale acceptance. Business owners tried online and mobile banking out of necessity during the pandemic. Retaining them in those channels beyond the simplest transactions, and growing the number of engaged users, will require a focused effort from banks.

Key questions discussed in this report:

• How did the pandemic change business banking relationships and customer behaviors?
• How do businesses interact with their bank, and what do their preferences look like?
• Which features can banks prioritize today to keep new and existing

Companies Mentioned: Bank Novo, Bank of America, Chase, Huntington Bank, Intuit, NorthOne, PNC Bank, PayPal, QuickBooks, Square