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Phoenix Synergistics: Small Business Channel Dynamics

June 2016 | Financial
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Small businesses now have a myriad of channels they can use for their financial activities – from the branch and ATMs to PC, mobile and tablet banking.  Long been known as heavy branch users, small businesses’ usage of online banking and bill payment has progressively grown over the years.  Now, PC and mobile service offerings have expanded in response to this increasing need. To what extent has their usage of online banking expanded beyond balance inquiries and simple transactions to encompass more sophisticated account management, customer service, and account opening?  Have mobile banking and tablet banking become more than emergency channels for small businesses on-the-go?

In an effort to blend the personal touch with the convenience of online channels, some providers have implemented small business networks via their websites or have a presence on social media sites.  To what extent do small businesses tap into these resources? Although online and mobile channels have grown in popularity in the small business market, the branch continues to be a pivotal element in the channel mix.  How has small businesses’ usage of the branch changed in response to their increased usage of online and mobile channels?  What activities remain “branch-locked” for small business customers?

Another important channel for small businesses is the ATM or financial kiosk.  How are these self-service options being used by small businesses?  With all of these alternatives available, how important is the human or personal element in the channel mix? Are specific channels seen as primary modes for account management, customer service or sales? Understanding the dynamics of these various channels in the small business space will be key in optimizing channel strategies.

I. Report – Table of Contents

II. List of Exhibits

III. Strategic Insights Market Competitive Intelligence Appendix – Comprehensive Strategic Summary

IV. Survey Results

V. Methodology

VI. Questionnaire with Topline Results

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