Bank Customer Experience Summit to provide guidance on small business banking

While often overlooked, small businesses make up a huge portion of the economy. There are currently 30.7 million small businesses active in the U.S. and 46% of the workforce works for a small business, according to data from The Zebra. They also drive 44% of economic activity in the U.S.

However, many small businesses feel left behind by banks. There is a perception that banks do not look at the individual needs of small to medium-sized businesses, preferring large businesses. As a result, some small businesses are turning toward fintechs that can provide personalized services, according to a report by Entrepreneur.

"Leaders have low expectations of what banks can do for them, and they don't see banks as institutions that can help them run their businesses. So they're broadening their options and tapping fintech offerings to meet their needs instead," the report said.

How can banks correct this perception and meet the needs of this huge sector? The Bank Customer Experience Summit, taking place in Charlotte, North Carolina from Sept. 12 to 13, will examine this topic in detail during a panel talk.

Panelists Josephine Moran, president and CEO of Ledyard National Bank, Marbue Brown, founder of the Customer Obsession Advantage, Glenn Murray, VP of strategic growth at Sutton Payments and Marsha Womack, first VP and director of retail banking at Citizens Trust Bank will discuss small business banking and how banks can both meet the needs of small businesses and convince them to switch banking providers.

Moran agrees with the argument that small business owners ultimately want banks to take a deeper interest in their business and provide more personalized services.

"Small businesses want their bank to really understand their business," Moran said in an email interview. "They want personalization, both in one on one interaction and in digitization. Ease of banking and convenience is extremely important, whether its banking transactions or applying for a loan. Finally, they expect an excellent client experience- and great customer service, no matter how they bank, which includes the ability to connect with someone quickly and obtain an answer."

Brown in turn said banks should show awareness of the small business' current situation and personal information to deliver the right information and services.

"Banks can create a more hospitable environment for customers by personalizing touch points with customers across all channels. Every time a customer is authenticated, they should be greeted by name whether by a live employee or by digital content. The banker, contact center agent, or digital workflow should demonstrate awareness of recent transactions, especially transactions or inquiries were started but not completed in other channels. The interaction should take into account personal information already known about the customer to tailor the experience to the customer's needs with advice, tips or good wishes that will resonate with the customer," Brown said in an email interview. "Upon completion of the interaction, the customer should be genuinely thanked for their business and sent off with a farewell that makes them feel the bank (and its employees) were glad for their visit and look forward to the next one."

The Bank Customer Experience Summit will cover this topic and many more. This year the event will be held in tandem with the Interactive Customer Experience Summit taking place from Sept. 11 to 13, which will examine broader customer experience trends with retailers and hospitality industry. One badge gains entry to both events.

Click here to register for the joint event. Use the code AMCEDIT20 to save 20% off at checkout.