Research shows the pandemic accelerated digital banking for small businesses, with 86% now banking online and 55% using mobile. However, core needs like trust, personalized service, and affordable fees remain consistent. While 61% feel their bank’s products meet their needs, only 10% believe their bank truly cares about them. Many small businesses face capital challenges, with 22% increasing borrowing during the pandemic, but most report stable capital needs. Banks have an opportunity to improve flexibility, transparency, and customer experience to deepen SMB relationships in this “new normal” that’s more about elevated expectations than dramatic change.

https://canadiansme.ca/post-covid-smb-banking-needs-the-new-normal/

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