2023 Small Business Banking Study Coming Soon
We're excited to share that our 2023 Small & Medium Business (SMB) Study is currently in field, and that means that we'll have results and insights ready to share with you soon. Based on the responses from SMB owners and decision-makers, this study will explore the financial services that SMBs need, as well as how to best deliver the best experience.
Following the success of our 2021 State of SMB Study and the ongoing demand by corporations for insights on this important segment, we have developed this new study to dive specifically into banking and financial services. The results will enable financial institutions to better understand their small business customers in order to improve their UX, CX, and innovation. Categories of study will include
- Top areas of financial concern
- Pain points in current financial operations
- Priorities for improvement in financial operations
- Reporting needs and gaps
- Cashflow needs and concerns
- Lending needs and future plans
- Satisfaction levels with current financial services
Given the customer-centric process that we followed to design this study, we're anticipating strong findings in terms of their immediate applicability and impact on FI strategies. Before developing the SMB questionnaire, we interviewed both corporate financial services leaders and SMB decision makers to gather input about what is most important to know in terms of serving the SMB segment. These interviews guided our decisions about what to ask, how to ask it, and where to dive deeper in the survey.
As you can tell, we're very excited about how this study is unfolding and will continue to provide updates on our News page, as well as in social media*. Stay tuned! And contact us if you'd like more information.
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Author: Steve Hansen
Steve Hansen, MBA, is the President of Phase 5 US and the leader of the firm's Innovation practice. With almost 2 decades of experience in client-side marketing strategy, market research, and product management, Steve brings a client’s mindset and drive for actionable results to each project. He has extensive experience in capturing the view “from the outside” with a special focus on product and service innovation. Steve is based in Minneapolis, Minnesota.