By Patti Murphy

Published on on June 23, 2016

At 28 million strong, according to federal government data, small businesses represent a potentially lucrative market for banks and credit unions. But increasingly, non-bank financial technology firms are cashing in on this opportunity at the expense of financial institutions. Reversing this trend will require FIs to act more like fintech companies, leveraging new and emerging technology solutions that address the unique requirements of these companies.

“They want meaningful packages of services,” said Alyssa Fry-Harris, Director of Marketing at Bluepoint Solutions.

While mobile access is important to small companies, it is not the endgame. Banks and credit unions need to be able to present a consistent look and feel across access channel – what has come to be known as an omni-channel experience. “What customers see with their mobiles needs to be the same if they go into a branch or to the institution’s website,” Fry-Harris explained. Each service offered, across channels has to be integrated such that for example if a customer begins a transaction with their smartphone they can switch to the FI’s website to complete it. “This is really critical. I think it’s what people expect,” Fry-Harris said. “Fortunately, technology has evolved to the point that we have an opportunity to make this happen.”

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