Chad Montray, Chief Economist and Director of Economic Research, U.S. Small Business Administration
Even in these times, the Small Business sector is a major driver of the U.S. economy and represents a very attractive yet challenging opportunity for the U.S. Banking Industry. Small businesses are created by the hundreds every day, and they are an enormous part of the economic ecosystem.
Small businesses, especially those in the business-to-business space, demand the ability to make mixed deposits quickly, safely and with rapid access to deposited funds. Small business customers need the flexibility to decide how, when and where they conduct their banking to ensure they are spending the least amount of time on activities that aren't generating revenue. They tend to deposit larger quantities of checks, make more frequent deposits and prefer to do so after regular business hours.
“I get paid from my clients with checks,” says video producer Kevin Pruitt, who recently changed banks to get better service for his production company. “And the nature of my business is such that I rarely have time to do my banking during regular business hours. I also travel a lot, and it’s hard for me to predict when I’ll be in any certain city. I recently changed banks to take advantage of the souped-up ATMs they have, in addition to online banking that gives me access to my line of credit when I need it.”
Banks across the country are exploring ways to provide services to customers outside the branch, and outside normal banking hours. In fact, as ATM & DEBIT NEWS reports, Wells Fargo and Chase have announced significant rollouts of Wincor Nixdorf's bulk check deposit ATMs.
"Small business owners tell us that convenience matters when it comes to banking," says Alan Walsh, Vice President of Banking for Wincor Nixdorf USA. "As self-service has become more commonplace in airports, hotels and retail locations, small business owners are seeking an equally intuitive experience for their banking needs. This is an opportunity banks should not ignore. The new breed of ATMs can help improve the banking experience for small business owners.
"By shifting more deposit transactions to these ATMs, banks also free up their tellers to focus on more detailed services for their small business customers, like loans, credit cards and investments," Mr. Walsh added. "That increased level of customer service combined with superior technology leads to immediate market differentiation for banks that are ready to seize the opportunity.”