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The small business digital account opening imperative

The battle for small business relationships is becoming more competitive. Increasingly, large money-center banks and fintechs are using technology to compete for the small business customers that community banks and credit unions have historically served. To stay relevant, community financial institutions (FIs) must meet rising customer and member demand for superior digital banking experiences. 

This report from Cornerstone Advisors, commissioned by MANTL, explores why legacy processes are a particular pain point for FIs hoping to compete for small and midsize business customers.

The report found that:

  • It costs 40 percent of FIs less than $75 to open a low-complexity small business deposit account. For 20 percent of FIs, the cost is between $250 and $2,000, while almost 20 percent say that the cost exceeds $750.
  • 80 percent of FIs consider business account opening speed to be a pain point for their institutions.
  • 40 percent of FIs need four or more hours to open a small business account.

With the right business account opening solution, FIs can not only accurately calculate their account opening costs, but significantly reduce them.

Download the report now to explore how you can adapt and compete in an increasingly digital world.