Why it's important
The sustainability of the traditional small business service model is being challenged by a changing macro-environment. As new regulation comes into play, banks are faced with the challenge of managing evolving customer needs as businesses 'go digital' and expand internationally.
The Small Business Benchmark provides participants with a comparison of key performance outcomes (such as revenues, profitability, and customer acquisition metrics) relative to peers as well as a deep-dive into the underlying performance drivers. The benchmark helps participants address critical questions such as:
Product/Value Proposition:
- Are our product offerings attractive to current and potential clients?
- Do we have digital servicing and management capabilities?
Service Model:
- Are we delivering our products in the right way? How should we design our coverage model to meet customer needs in the most effective way?
- What is the most effective strategy for customer contacts and meetings?
Sales Team Productivity:
- What share-of-wallet are we attracting in each small business sub-segment and, adjusting for risk, where do the most attractive opportunities for growth exist?
- How well are we growing our customer base and attracting startups?
- Do we have the right number of branch relationship managers and how productive are they?
Omnichannel Delivery:
- Do we have digital sales or lead capabilities and an active digital sales funnel?
- What is our current digital marketing spend and how effective is it in attracting new customers?
- How often do our customers utilize our self-service capabilities? ?
Credit Delivery:
- How does our credit process benchmark in terms of decision speed and quality?
- What opportunities exist in the area of credit automation?
What the Small Business Benchmark provides
- Delivers an in-depth review of your bank’s performance against a relevant local and international peer group
- Identifies key improvement opportunities and deep-dive into the most critical performance gaps
- Uses proven best practices to facilitate change
- Generates customized action plans to track performance improvements over time
