77% of SMBs state their current digital banking solutions do not fully meet their needs.
Financial institutions (FIs) are not keeping up with the SMB’s needs and fall short in several areas. A survey by Datos Insights published on June 2025, highlights that 77% of SMBs state their current digital banking solutions do not fully meet their needs.
Financial institutions need to take a more proactive role in engaging SMB customers, providing them with the tools to support their financial growth or they risk losing them.
By adopting a holistic strategy that goes beyond traditional product offerings and addresses pain points across all services and communication channels, banks and credit unions can empower SMBs to streamline operations and achieve greater efficiency in their day-to-day business.
SMBs desire a seamless online banking experience that is available 24/7 and across all digital channels. To meet these expectations, financial institutions must deliver a true omnichannel banking experience, ensuring users have instant, unified access to their accounts across all digital touchpoints, whether on mobile, web, or tablet, right from the moment they log in.
Not only that, financial institutions should streamline login capabilities by allowing account holders to seamlessly switch between their personal retail and business accounts with a single, unified login. Making the transition seamless yet secure with strong authentication, role-based access controls, and full auditability for regulators. Each role has unique dashboards and tools as well as secure, role-specific access.
From the homepage, account holders can access a comprehensive overview of their current products, account balance, recent transactions, active cards, and transaction shortcuts for rapid money transfers.
This ensures SMB customers have all the essential information and actions conveniently in one place. It is convenient and reduces frustration, thereby enhancing the satisfaction of business customers.
Small businesses need reliable and convenient payment solutions that help establish trust among their customers. They are keen to enhance payment workflows, aiming to reduce processing delays and lower transaction costs.
Essential payment capabilities, such as ACH, wire transfers, and remote check deposit via the web, are vital for SMBs. Banking platforms that enable that, as well as automated funds transfers alongside features like streamlined payment forms and the use of pre-configured transaction templates, are positioned to lead in this segment by delivering the seamless experience SMBs require.
It grants users the ability and flexibility to schedule payments in advance, further streamlining their financial management.
Furthermore, since the pandemic, SMBs have expanded their digital presence and increasingly engage with international clients and suppliers. Financial institutions must offer not only efficient payment methods for cross-border transactions, empowering businesses to operate internationally with confidence.
SMBs need robust cash flow management to maintain a strong financial foundation. Automated bill payments, bulk transaction processing, and seamless fund transfers empower SMBs to optimize both incoming and outgoing cash flows.
Delivering personalized dashboards with unified, real-time views of cash flow, invoices, and expenses empowers SMBs to make informed decisions. It simplifies financial visibility, especially for users managing multiple products, and helps users stay informed about their overall financial position.
Banks and credit unions that offer sector-and size-specific insights can differentiate themselves in the market. Enhanced by AI-driven forecasting capabilities, financial institutions can provide advanced 360° insights, including intelligent customer profiles with real-time sentiment analysis, up-to-date security status, relationship mapping, and actionable data aggregated from all banking channels.
By minimizing manual intervention, these capabilities reduce the risk of human error and enable more accurate forecasting and proactive financial planning.
Is your institution finding it challenging to meet the evolving needs of your SMB clients? ebankIT equips you with advanced SMB banking capabilities designed to address key gaps and strengthen your value proposition in this critical segment.
Connect with us at the Commercial and Small Business Banking Forum, October 15th in New York to discover how the ebankIT omnichannel digital banking platform can help your financial institution.
Our VP of Market Development, Paul Provenzano, will be there to answer all of your questions.
SMBs want simplicity, speed, and smart insights. With ebankIT, banks can move from being just a “money holder” to being a true financial partner, guiding SMBs, anticipating their needs, and delivering flexible, digital-first solutions.
Spaces for live demos at the event are limited. Book your spot now to ensure a personalized walkthrough with our expert!
We’re looking forward to learning about your challenges and exploring how we can help drive your success.