The Small Business Banking Growth Strategy from Fiserv
The Small Business Banking Growth Strategy from Fiserv enables banks to better meet the needs of small businesses by identifying the right mix of solutions; optimizing the packaging, pricing and bundling of services; and providing implementation support, including training and education for the bank staff.
The Small Business Growth Strategy roadmap focuses on all four stages of the small business relationship: client segmentation and identification; attraction of the small business client; effective ongoing relationship management; and growth solutions for more sophisticated small business clients.
To create this offering, Fiserv hosted a series of focus groups of small businesses in a variety of categories and sizes, in order to understand their financial needs and identify the attributes of valued banking relationships. The focus group findings were further validated by field research and in-depth conversations with small businesses and financial institutions that serve small businesses, conducted by Fiserv user experience teams.
This consulting strategy deserves the Innovative Solutions Award because in the current regulatory and operating environment growing small business relationships is a priority for many financial institutions, and the Small Business Growth Strategy from Fiserv helps banks better meet the needs to this important client segment and, ultimately, grow their market share. It is unique in that it encompasses the broad spectrum of banking needs from strategic consulting to tactical and implementation support. The initiative complements the full Fiserv suite of technology solutions for small and micro businesses.
Additional resources that explain this new offering include a white paper www.fiserv.com/resources/define-small-businesses-by-lifecycle-stage.htm and a blog post www.fiserv.com/blog/the-point/to-better-serve-small-business-define-their-needs.htm from Fiserv.