NCR Says Digital Banking Has ‘Unique’ Small Business Opportunity

Financial institutions have a unique opportunity to bolster the resilience of small businesses by providing tailored financial tools and support, NCR Voyix Chief Product Officer, Digital Banking Doug Brown says in the new PYMNTS eBook, “The Implications of Uncertainty.”

Every business, large or small, will find itself navigating the ebbs and flows of economic uncertainty. The unpredictable nature of markets, coupled with external factors beyond their control, pose significant challenges to their financial stability. For small business owners, this is especially true. While uncertainties are inevitable, having a firm grasp of their finances can mitigate the impact and empower business owners to weather the storms more effectively.

Unlike larger enterprises with dedicated accounting departments, many small business owners lack the luxury of having an accountant on staff or even readily available access to one. Consequently, they must rely on various disparate financial tools to manage their money efficiently. Platforms like QuickBooks and others provide valuable assistance, yet there remains untapped potential for banks and credit unions to offer more comprehensive support.

Financial institutions have a unique opportunity to bolster the resilience of small businesses by providing tailored financial tools and support. Beyond basic banking services, banks and credit unions can offer advanced functionalities such as cash flow management, payroll capabilities, expense tracking and more. By integrating these features into their services, banking providers can empower small business owners to streamline their financial operations and make more informed decisions.

Furthermore, financial institutions can leverage the data gathered from these tools and other macro indicators to identify emerging trends and proactively reach out to business owners. By analyzing transactional data and cash flow patterns, banks can anticipate potential challenges and offer timely assistance. Whether it’s extending lines of credit during lean periods or providing tailored financial advice, proactive outreach demonstrates a commitment to supporting small businesses through various economic situations.

However, to truly empower small business users, financial institutions must go beyond providing a handful of tools to rather prioritize education and personalized support. Hosting financial literacy workshops, offering consultations and providing other resources for financial management and planning can equip business owners with the knowledge and skills needed to navigate these uncertainties. By fostering a culture of learning and support, banks and credit unions can foster stronger relationships with small businesses.

In today’s competitive and evolving landscape of banking and financial services, institutions that prioritize small businesses will undoubtedly gain a competitive edge. By offering a comprehensive suite of tools, personalized assistance and educational resources, banks and credit unions can position themselves as trusted partners. Moreover, by demonstrating a genuine commitment to helping small businesses strive, they can cement themselves as the trusted banking provider in the communities they serve.