Design a Banking Experience that Empowers Businesses to Succeed

Strategic Link partner, Narmi, interviewed a variety of businesses to learn more about their banking needs and how credit unions can innovate to meet them.

2/23/2021

With more businesses choosing fintechs and neo-banks to address their financial needs, credit unions are innovating quickly to keep up with the latest business banking trends and get ahead of the competition.

A banking platform built with the business owner in mind will help them focus on what matters most — running a successful business. In turn, this enables credit unions to grow accounts, drive business deposits, and get ahead of fintech competitors eating away at market share.

Narmi can help credit unions elevate the business banking experience. The Strategic Link partner interviewed businesses directly to find out more about their current business banking accounts and which additional features they would like to have. Narmi combined all of its findings into an easy-to-digest ebook, “Designing a Banking Experience that Empowers Businesses to Succeed.”

Narmi knows no two businesses are the same. Each has a unique economic footprint and varying financial needs. That’s why the Strategic Link partner chose to interview business owners from a wide range of industries, everything from a dog walking service to a CPA firm.

Here are some of Narmi’s findings:
  1. People choose banks or credit unions based on familiarity and ease of opening an account. Users tend to open a business account with the same bank or credit union they use for personal banking. Having an established relationship makes the account opening experience simple and painless.
  2. People want a bank or credit union that understands their business. For example, tech companies prefer to use a tech-focused credit union with a good member experience.
  3. Competitive business loans are a deciding factor. Credit unions offer better loan rates, so users are more likely to choose them over big banks. Many business owners opened new accounts just to get help with PPP loans last year.
  4. Users tend to log in between once per day and once per week. Business owners who have more transactions tend to check their account daily. Those with fewer transactions only check around once per week. If they don’t have bookkeepers, users usually do a deep-dive into statements at the end of each month.
  5. Business owners use both their computers and phones to access their account. They use computers when they’re at the office or doing a big task; they’ll use phones when they’re on the go or just checking a balance.
  6. Users care about the look and feel of the experience. They want the online banking experience to be clean and easy to use. A good experience is a dealbreaker with those likely to switch financial institutions if the technology is difficult to navigate.

For more insights, download Narmi’s full ebook.

To learn more about Narmi, visit its partner page online or contact the Strategic Link team.