Celent is a leading global advisory firm that focuses on technology for financial institutions, and provides expert research and data through its publication of over 200 reports per year. In the February 2022 report entitled, "Reinventing Small Business Credit Part I: Market and Innovation Trends", Celent leverages Phase 5's State of SMB study to illustrate how the borrowing behavior of small businesses has changed since the pandemic began.
"From the repercussions of the pandemic," writes Alenka Grealish, "new seeds of transformation have been planted". Based on facts and findings from Phase 5, the Federal Reserve, and other reputable sources, Grealish argues that a "reinvention" of small business credit is both necessary and forthcoming. She goes on to describe the "dimensions" of this reinvention, suggesting that the organizations who have begun to embrace these elements will create a competitive advantage for themselves, and reap the financial benefits.
Grealish's customer-centric model for the reinvention begins with a recommendation to understand the customer's needs, potential journey, and preferred channels. From there, she suggests a process redesign that can adapt to the different customer types, and take advantage of digital tools and technology to effectively personalize, accelerate, and remove pain points from the experience.
This is the second time in 15 months that Celent has turned to Phase 5 for timely and relevant data to inform financial institution strategy. More specifically, Celent has leveraged our expertise in the Small & Medium Business segment, and our 2021 State of SMB Study conducted in partnership with Cargo. Learn more about Celent's December 2020 report Reinventing Small Business Banking Part I in our Phase 5 News post.
For more information about the February 2022 Celent report, click here.