Itâ€™s a common issue; small business owners only think of meeting the bank manager when something bad happens.
And banks cannot physically meet all their customers. They really only want to deal with the problems and stars.
Iâ€™d suggest 80% of small businesses pay fees, save money, use online banking, make and receive payments quite happily without the banks input.
And the bank likes it that way. But is that good enough?
Customers are increasingly less loyal to a bank they see as a undifferentiated product (every ATM spits out the same color notes, right?).
And with more peer to peer lending, online applications and virtual banks, the choice is increasingly getting wider.
In my view banks should be using their online channel (which includes inside online banking) to provide information and content at point of need.
With predictive data, more segmenting and tracking online behavior, there is no reason why a bank cannot set up a one to one relationship, delivered automatically online, at point of need.
Glen is the founder and CEO of The Small Business Company, a New Zealand based agency that specialises in helping banks communicate with small businesses through content marketing. He has written a number of books on small business principles and is a sought after consultant and conference presenter.