In the research, we found that financial products from incumbent banks are not helping SMBs with their most important financial jobs. SMBs are turning to non-banks, who differentiate on experience, to help them with their business banking needs. If left unaddressed, the relationships incumbent banks have with their customers risk being disintermediated.
I joined 11FS's Sam Maule and a panel of guests that included:
- Adrian Oropeza, Gen 6 Ventures
- Laura Cummings, Financial Health Network
- Jo-Ann Barett, Co-founder and owner Aromas Boutique Bakery
Jo-Ann Barett was one of the small business owners we spoke to in our research. It was great to have her on the podcast alongside industry experts like Sam, Adrian and Laura. She provided first hand accounts of what she needs from financial service providers and added a really unique dynmaic to the discussion.
Those that succed in this space, and indeed in the wider business world, will be those that can understand and empathise with their customers. This sentiment came through strongly in the discussion, have a listen...
To download the report my team and I published, click here.
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