Small-Business Banking and Millennials: Aite-Novarica’s 2021 Impact Report
Millennial trends are impacting small-business banking and setting the scene for the future of the industry. This report dives into what today’s small business owners want from their financial institutions and how generational differences are playing a role. Moral of the story?
You can bank on change.
Check out the full report for an inside look at how millennials are changing the game for small-business banking.
Key takeaways include:
- They’re opting for alternatives – Of the millennial-run SMBs surveyed, 70% of them currently work with a nonbank fintech provider.
- They’re not afraid to shop around for what they need – Millennial-run businesses are more likely to switch providers and hold accounts across multiple FIs.
- Technology is a must – 64% of respondents say they leverage new technology as soon as it’s available.
- They’ve got their eye on the prize – It’s crucial that their banks partner with fintechs to drive best-in-class solutions.