US SMBS use of tech

This is a preview of a research report from BI Intelligence, Business Insider’s premium research service. To learn more about BI Intelligence, click here.

Fintechs have found a way to serve small- and medium-sized businesses (SMBs) while still making a profit, and now incumbents want in on the action.

SMBs have been historically underserved by financial services providers, but that’s starting to change as both fintechs and incumbents continue to roll out SMB-targeted services.

This report will look at the areas in which incumbents have failed SMBs when it comes to financial services provision — including credit, digital business services, and bank accounts — and give examples of where fintechs have successfully filled the gaps. It will also provide examples of incumbents that have introduced new SMB products in response, and our verdict on which type of supplier — fintech or incumbent — will dominate each area of the market for SMB-focused financial services products.

Here are some of the key takeaways:

SMBs globally have been underserved by financial services providers because they make less revenue than large corporates, yet demand more advanced services than most consumers. As a result, they’ve developed a reputation among legacy financial institutions for being unprofitable to serve.
Fintechs …read more


Source:: Businessinsider – Finance

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