About 84% of small businesses most commonly visit branches to make teller deposits and 47% make deposits at ATMs. Nearly all small businesses regularly visit the branch of their business bank or credit union, but far fewer, 1 in 5, go to the branch to meet with a relationship manager.
The findings come from Mercator Advisory Group’s latest report, Business Banking Services: Expanding Online and Mobile.
Branches are still a key channel used by small businesses and present an opportunity for financial institutions to cross-sell their business services. Yet, these branch visits are primarily transactional. More often than not, small business owners stop by their branch just to make simple transactions rather than to seek financial advice or support services, so their visits are a missed opportunity for the financial institutions.
Nearly all small businesses have business relationships with a primary financial institution for deposit accounts and use the institution’s online banking services; 3 in 4 use mobile banking services. More robust online and mobile banking features provide the convenience this segment needs.
Mercator says while small businesses visit the branches primarily for quick and simple transactions, they would like to see improvements in online and mobile banking geared to help their businesses transact more easily and provide more services they need to manage and grow their business.