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Want More Small Businesses? Be More Distinctive

May is National Small Business Month, so now is a great time for financial institutions to shine a well-deserved spotlight on small businesses in their communities. It’s also a great time to attract new-to-bank, small-business clients and the low-cost deposits and strong lending relationships they bring with them.  

But how to do that? 

Focus on “distinctiveness,” which means being easy to work with, providing superior products and services, and offering expert advice. Specific measures of distinctiveness include providing seamless digital access to financing options with quick approval times; offering flexible financing to meet specific needs, such as being able to borrow on receivables; and providing business intelligence on a company’s industry and competitors.  

According to the 2023 Curinos Small Business Survey, national and super-regional banks are the best at this – their higher distinctiveness scores correlate with more reported small-business relationships (see chart).  

We encourage smaller regionals and community banks who may be lagging behind in their small-business acquisition goals to develop distinctiveness of their own to better compete against the bigger players. National Small Business Month is a great time to start. 

Reported Banking Relationship By “Distinctiveness” ​

The greater a bank’s distinctiveness score,
the higher its penetration with small businesses. ​
Source(s): 2023 Curinos Small Business Banking Survey ​

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  • Author
    • Lindsay Burkhalter

      As Director, Small Business Solutions at Curinos, Lindsay focuses on providing clients with a holistic, 360-degree view of the Small Business segment and enabling optimal decision-making on both sides of the balance sheet.  Having worked in the banking industry for over a decade across multiple lines of business, Lindsay brings extensive financial institutional knowledge and product expertise to the role. Previously, Lindsay has held key leadership and product positions at KeyBank, First Niagara Financial Group, The Mentholatum Company, and Rich Products. Lindsay graduated from Consumer Bankers Association (CBA) Executive Banking School in 2017 and is currently a member of the institution’s faculty as a course instructor. She also earned an MBA in Accounting from Canisius College in New York. In her spare time, Lindsay enjoys traveling and spending time with her husband, son and two dogs. She currently resides in Buffalo, NY and is an avid Buffalo Bills fan.

      View all posts Director, Small Business Solutions
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