WILMINGTON, Del., July 14, 2021 /PRNewswire-PRWeb/ -- Keynova Group, the leading competitive intelligence source for digital financial services, today announced the results of its 2021 Small Business Banker Scorecard. The annual Scorecard measures the digital user experience of small businesses at seven leading financial institutions. Bank of America has secured the leadership position, placing first for Overall Score based on 400+ criteria.
The 2021 Small Business Banker Scorecard revealed key industry trends, including the evolving availability of financial management services such as cash flow analytics, spending reports and account aggregation specifically designed for small businesses.
"Increasing demands associated with the work-from-home environment have been especially challenging for small companies without the internal support services of larger organizations, driving banks to focus on improving or redesigning their digital small business platforms and user experiences," said Susan Foulds, managing director, Keynova Group. "This includes adding financial management tools and analytics as banks recognize that basic consumer digital banking or a one size fits all approach does not meet the needs of various small business profiles and segments."
Key Findings:
Enhanced Cash Flow Analytics and Spending Reports Designed for Small Businesses
As small businesses have shown a willingness to adopt third-party fintech solutions to achieve reporting goals, efficiencies and cost savings, some banks are also providing more small business-focused financial management tools. Bank of America and PNC recognized this need and offer cash flow analytics and/or spending reports specifically designed for the unique needs of small firms. Important features of these tools include displaying projected balances, automatically categorizing transactions for reporting, enabling customized rules and tags for future debits, and offering downloadable and printer-friendly reports.
Third-Party Account Aggregation Eases Small Business Access
For small organizations interested in an integrated financial picture, third-party account aggregation that enables users to link external accounts and import transactions is on the rise. Bank of America is the only bank in the Scorecard currently offering small business customers the ability to aggregate external account transactions, although a number of banks are progressing toward industry standards for APIs or partnering with fintechs for aggregated account analytics.
Money Movement and Business Payments
The top-ranked banks in the Scorecard all provide essential money movement and payment options. Chase leads in the Scorecard's Transact Task for payments and transfers by offering extensive money movement capabilities—laid out in a logical, business-centric user interface. It is also the first bank in the benchmark to offer Real Time Payments (RTP) with same-day delivery to its small business customers via the Automated Clearinghouse.
Syndicated for more than two decades, Keynova Group's annual, fact-based Small Business Banker Scorecard objectively evaluates the leading U.S. financial institutions' websites for small business-focused digital user capabilities, accessibility and customer support best practices, and identifies evolving trends and insights. Overall Scores are based on 400+ criteria in four categories (Functionality, Ease of Use, Privacy & Security, Quality & Availability) and five tasks (Open Accounts, Look Up Information, Transact, Get Service, Learn & Plan).
For more information about the Keynova Group 2021 Small Business Banker Scorecard, please visit https://www.keynovagroup.com/scorecards/#banking.
About Keynova Group
Keynova Group is the leading competitive intelligence firm providing trusted benchmarking insights and analysis of consumer and small business digital financial services, including banking, credit card, home lending, and insurance. Formerly known as Keynote, Keynova Group's Scorecards have served as the go-to source for leading financial services firms to obtain reliable competitive intelligence and actionable insights since 1999. The firm's proven methodology and highly detailed results help its clients maximize the value of their digital channels to deliver a premier experience to customers and prospects.
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SOURCE Keynova Group
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