Small Business
Premier financial services partner, giving clients a holistic 360-degree view, for optimal decision-making on both sides of the balance sheet.
Using data driven insights is key to being proactive in areas of risk and opportunity.
Financial institutions are increasingly competing with non-bank providers for small business products and services. Most competitors are digitally-led, with the attitudes of business owners shifting away from branch-based value propositions.
In this higher rate environment, small business can achieve more efficient growth as compared to other lines of business for both deposits and loans. Curinos data will empower strategic, data-backed decisions that drive profitability, mitigate risk and better serve small business customers.
Capturing Account Primacy
Small Businesses are going digital and banks need to evolve customer behaviors to capture account primacy.
of consumers prefer to open primary checking accounts through digital channels – higher than current small business appetite, but predictive of where small business preferences are heading
Dodd Frank 1071 Is Approaching.
Are You Compliant?
On March 30th, the Consumer Financial Protection Bureau (CFPB) issued its final rule to amend Regulation B to implement changes made to the Equal Credit Opportunity Act (ECOA) via section 1071 of the Dodd-Frank Act.
Those financial institutions that fall within 1071 parameters may need to begin reporting as soon as 2024. Even if you’re working on gathering the data, are you ready for what it will show?
To help financial institutions better understand and comply with 1071 for small business, the CFPB has published several helpful reference materials1. They present four key areas that require consideration, and if the criteria for all four quadrants are met, 1071 will apply.
If it’s determined that 1071 applies, financial institutions will be required to collect and report data on covered applications in three categories: financial institution, credit and demographics.
The number of covered transactions that a financial institution originates over a specified number of years will determine the required timeframe for compliance2.
1 CFPB Executive Summary of the Small Business Lending Rule
2 This does not include the requirements outlined by the NYDFS rule for banks chartered in NY state
The Small Business Advantage
Securing the Small Business lending relationship yields stronger, more significant deposit relationships over time, thereby maximizing value.
Disguised analysis for customers opening up their first account between 3/1/19 and 4/30/21; Results averaged across resulting monthly vintages. Excludes customers with >$5mm in deposit balances.
Case Studies
IBERIABANK discusses how product and treasury
leverage PriceTek to collaborate on deposit decisions
Collaboration with KeyBank on next generation deposit optimization solution
What Our Clients Are Saying
Large West Coast Credit Union
Existing Benchmarking IMB Client
Regional Midwest Bank
President
$500m Savings Bank
Our Insights
September 21, 2023
Small Businesses Offer A Clear Profitability Upside For Banks
August 31, 2023
Deposit Costs: Finding The Right Balance For Small Business Success
June 28, 2023
Section 1071 For Small Business Lending: Are You Ready?