Chase to Expand Small Business Banking Workforce by 20%

Chase is expanding its small business banking workforce by 20% over the next two years.

By hiring 500 small business bankers through 2024, Chase aims to expand its relationships with small business owners, help them navigate macroeconomic challenges and offer them access to deposit, credit and cash management products, the bank said in a Wednesday (Feb. 8) press release.

“We know that banks play a critical role in the long-term success of small businesses and their communities,” Chase CEO of Business Banking Ben Walter said in the release. “This investment in our workforce is a testament to our commitment to our clients and our intent to support them through the business cycle.”

Convenience, data, personalized attention and financial advice are some of the most sought-after features that small and medium-sized businesses (SMBs) want from financial partners, according to the January/February edition of the “Digital-First Banking Tracker®,” a PYMNTS and NCR collaboration.

As noted in the study, a Chase survey published in May 2022 found that 83% of SMBs sought convenience from their financial partners, 69% wanted customer analytics and intelligence and 65% said they were likely to work with a financial advisor to receive the personalized attention they need.

Similarly, a J.D. Power survey found that 76% of SMBs want financial advice from their bank on topics such as reducing banking fees, improving their financial situation and understanding how they can benefit from their bank’s technology offerings.

Chase currently serves 5 million small business clients and has been rolling out new offerings designed for them, according to the press release.

These include a Special Purpose Credit Program launched in November 2022 to expand access to credit in underserved communities. This digital loan application lets customers apply for small business loans without visiting a branch, a mentorship program that was launched in 2020 and expanded last year, and small business boot camps dubbed “The Experience” that provide access to education, advice and networking.

The announcement of Chase’s Business Banking expansion comes on the same day Visa announced its addition of new offers for Small Business cardholders.

When enrolled in Visa SavingsEdge, these cardholders can unlock automatic savings and discounts and the card’s built-in benefits, Visa said Wednesday.