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BID Newsletters
Mar 26, 2024
Small business customers have no shortage of financial service options, from traditional banks to fintech offerings. Fostering loyalty among this group not only requires providing them with added value, but with the sense that your CFI understands their individual businesses and their unique needs.
Mar 25, 2024
Women are launching businesses at a more aggressive rate than men, yet lending disparities continue to favor men as entrepreneurs. With women-owned businesses representing $2.7T in revenue, CFIs should be actively targeting this group.
Mar 21, 2024
Providing added value for business customers can be as simple as sharing existing resources within your organization such as conference room space or wi-fi. We discuss some options of nontraditional benefits you can provide to help your small business customers.
Mar 5, 2024
Higher interest rates and the cost burden they impose are driving a cycle of deleveraging and cash conservation at many companies. Small business owners are balancing the need to offset higher interest expenses and lessened credit availability while also addressing competing demands for strategic growth. We provide tips for how CFIs can help their business customers align their capital with their strategic plans.
Mar 4, 2024
Compliance under Section 1071 of the Dodd-Frank Act will likely pose the biggest burdens on the smallest institutions subject to the new rule. While there are still efforts to block it, the compliance deadline is quickly approaching. We delve into what you should know to start compliance efforts before the regulations take effect.
Feb 1, 2024
According to a new NFIB survey, pessimism prevails among small business owners. We discuss the challenges that small businesses noted in the survey and the potential impact on CFIs.
Jan 23, 2024
A new study from Capgemini shows that business customers are increasingly in need of help with cash management. We discuss the biggest cash flow challenges for businesses and what solutions CFIs can offer those customers.
Jan 8, 2024
Business banking is most CFIs’ bread and butter. But many businesses have more than one banking relationship. To become a customer’s primary provider, CFIs will have to develop the ability to provide full cash visibility, multibank reporting, and multibank transactions.
Dec 13, 2023
Business customers are switching financial institutions for a variety of reasons, but the new FI may end up being the same as the old FI — or worse. We detail the pros and cons that business customers weigh when they consider a switch — and what your CFI can do to make sure you’re the winner on either side of the equation.
Nov 27, 2023
At a time of economic uncertainty, businesses can use more help managing their money. CFIs are responding with new and expanding treasury management services. We provide examples of CFIs that have launched these services.
Nov 1, 2023
Business loan automation isn’t just convenient for customers — it’s beneficial to CFIs, too. From increasing efficiency to strengthening borrower and employee relationships, we review how adopting a digital loan application process can do so much more than just speed up the approval process.
Oct 17, 2023
When we think about credit card rates and perks, we tend to think of retail consumers, but credit cards are a vital tool for small businesses as well. We review the benefits of business credit cards and how those benefits can be used to entice businesses to apply.
Sep 7, 2023
Many CFIs have invested substantial time, energy, and capital in improving the banking experience they offer to retail customers. Unfortunately, they haven’t paid the same attention to the business banking experience, says a recent study. A full 68% of respondents thought the digital features of business banking were lagging behind those for retail customers. Here’s how your CFI can take another look at the experience you offer, from a different perspective.
Aug 16, 2023
Are you a new lender who needs to build your base of potential clients? Networking at local events or on social media can be daunting, but there are ways to make it less so — and even fun and satisfying in the process.
Aug 10, 2023
Sole proprietorships are the fastest-growing demographic in new business startups. They represent an area of opportunity for CFIs willing to tailor service offerings and dedicate staff to micro companies, yielding strong banking relationships that can grow with these tiny businesses.
Aug 3, 2023
The CFPB has finalized a data collection rule for lenders that extend credit to small businesses. The regulations aim to find patterns in small business lending that enhance CRA initiatives and make lending practices more equitable. However, trade groups like the ICBA and the CUNA have concerns that the additional burdens of compliance could impede CFIs’ ability to make as many loans as they do. We explain what CFIs should be aware of as this issue unfolds.
Jul 25, 2023
For small businesses that don’t need a loan, mobile banking is one of the most valuable tools a CFI can provide. It lets customers bank where they want, whenever they want. In addition to providing customer convenience, mobile banking can also help your institution to increase loans and deposits, and sell other business services.
Jul 18, 2023
According to the most recent banking survey from the National Federation of Independent Businesses, small organizations prefer to bank with small and regional banks. They also rank customer service as the most important factor when choosing a bank. We summarize the key findings and explore the opportunities for CFIs.
Jul 11, 2023
Small businesses form the backbone of not only the US economy but the client lists of many CFIs. But almost a third don’t think their banking institutions understand their needs. We look at some ways financial institutions can better support small businesses throughout their growth lifecycle.
Apr 10, 2023
Many small businesses that use a small financial institution for their needs typically do not pay for non-interest-bearing banking services. This is not the case for larger financial institutions. How can CFIs create offerings that business clients will buy? We discuss 4 key areas to pay attention to.