Small Business Banking Technology

In this report, Cornerstone Advisors identifies two recurring themes that emerge during the strategic planning sessions of American banks, namely, loan diversification and liquidity.

About 72% of executives from 300 banks have placed their bet on small business deposits and are keen to pursue it as a high priority in 2023. Small-to-medium businesses (SMBs), which make up 99.9% of U.S. businesses are indisputably key to increasing liquidity and loan activity, followed by large commercial and retail deposits.

To effectively pursue the SMB market, banks have to invest in technology that can enable them to improve customer journeys and enhance user experience by automating the loan application process. Banks can reduce abandonment rates and improve decision-making and accuracy by deploying technology in various parts of the lending process.

Download this report authored by John Mayer, Senior Director of Cornerstone Advisors, to understand:

• More on why U.S banks are prioritizing small business deposits
• The need to diversify the loan portfolio toward commercial accounts
• How technology solves specific challenges with respect to high abandonment rates, manual reviews for lending, re-entry of data, accuracy and time-saving in core account boarding