Evaluating the Vendors of Small Business Online Banking Solutions: Solutions for Small Banks and Credit Unions
The small business online banking space is fraught with confusion. Banks are still struggling with whether they should offer small business customers consumer online solutions, dedicated small business solutions, or even corporate cash management offerings.
Present-day solutions for small business customers are primarily cobbled together from consumer and cash management features. For the most part, layout, navigation, and look and feel are reminiscent of the late 1990s. Online banking needs to catch up to the ways of the web, and there is a lot of ground that needs to be covered.
In a new report, Evaluating the Vendors of Small Business Online Banking Solutions: Solutions for Small Banks and Credit Unions, Celent compares the solutions available to small financial institutions looking to purchase a new small business online banking solution or upgrade an existing one. A handful of vendors have started to release next-generation products and emerged from the pack. However, the small business online banking landscape is ripe with opportunity
“Today, the majority of small business online banking users are running on retail solutions. By definition, this means that small businesses’ needs are not being met,” says Jacob Jegher, Senior Analyst with Celent’s Banking Group and author of the report. “Small businesses require a tailored experience, one that encompasses features, usability, and overall comfort with financial services.”