PYMNTS research recognized that challenger banks are gaining traction in becoming the primary financial provider for small businesses. By offering digital tools, Digital-first banks can provide services to businesses to better their financial lives.

🎙 Listen to our Head of Partnerships, Tom Baran, discuss open banking and personalization on the Finovate Podcast.

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BaaS providers can act as intermediaries between banks and end customers, and offer white-labeled financial services. This can challenge traditional banks' services but can be remedied by partnering with BaaS providers to offer better digital services to their customers.

Truist's 2023 annual small business owners survey results show a grim picture following the pandemic, and current inflation woes.

Read more ➡ Booming stress levels for Small Business hubs.la/Q01_7k270

Banks are at a crossroad.

With US businesses feeling the detrimental effects of the economic climate, banks need to up the ante and provide robust digital services.

FIs are embracing a transformative mindset. By shifting from delivering products to enabling action, focusing on customer-centricity, and fostering collaboration and innovation, FIs can be positioned as true challengers in the market. Read Celent's report: hubs.la/Q01_7g-70

Open banking is transforming the financial services industry by enabling consumers to share their financial data with third-party providers, leading to more personalized financial services offerings and increased transparency for consumers.​ Get in touch: hubs.la/Q01_7ll30

The finance industry continues to evolve and grow, and the banking sector is evolving to meet changing customer needs and embrace new technologies. Here are some key insights and statistics to keep an eye on.

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Times are changing with new challengers competing for market share and proving their capability to provide banking products and services. This begs the question of whether legacy banking institutions can keep up with the ever-growing need for digital banking experiences.

Open networks allow for seamless and secure transactions across borders, enabling businesses to trade and grow on a global scale. 🌐

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To stay ahead of regulatory changes and ensure strong data security, financial institutions must adopt new technology. Digital strategies minimize the risk of regulatory and security oversights allowing banks to leverage technological advances in the future. 🚀

A mobile-first banking platform is designed with the user experience of a mobile device in mind, making it easy and intuitive for customers to access their accounts, make transactions, and manage their finances on the go.
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Research by PYMNTS found a mere 4% of banking experiences are excellent. This increases the difficulty for banks to compete with digital contenders who’ve recently entered the market.

The need for secure digital identity verification and management has become more important than ever due to the increasing prevalence of identity theft and online fraud. 🆔

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The technological landscape is changing rapidly. Traditional banks have the opportunity to innovate and stay ahead of new competition. As digital innovators, banks can leverage technology to better support their small business customers financial lives.

10 years ago, the bank was the center of a small businesses financial universe. As time has passed, the digital business landscape has significantly changed. What will the next decade hold for banking institutions? hubs.la/Q01_0KX40

PYMNTS research found there is a strong need (57%) for banks to offer budgeting and financial management tools to assist businesses on a day-to-day basis. Businesses want more support, financial advice and guidance. Learn more here ➡ hubs.la/Q01_0DYf0

Choosing the right BaaS provider involves considering factors such as the type of service, fee and reputation, compliance with regulations, security measures, and support throughout the process. How are banks leveraging Fintech? hubs.la/Q01_0Hpr0

Extensible solutions that provide added value, such as customizable expense management tools for business credit cards. This allows businesses to streamline their expense tracking and reporting processes. How does your bank create user-friendly extensible solutions?

Banks and credit unions are actively seek partnerships, fostering conversations and filling gaps to deliver customer-centric digital solutions, improve efficiency, and stay competitive in the evolving landscape.

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