Main Report:
With more than $2 trillion in assets and liabilities up for grabs, the small business market remains attractive to financial institutions of all sizes. This report focuses on the online channel and how it can be used to improve profits and market share in the small business market, especially the smallest companies, the 6+ million so-called microbusiness with annual revenues less than $1 million. But that’s just the tip of the iceberg. If you include all the home-based businesses, self-employed, contractors, independent sales agents, brokers, and those actively looking to launch a business, the number of “business oriented” households approaches 30% of all U.S. households.
Other highlights:
• Barclays Bank win an “OBR Best of the Web 2004” for its startup-focused small business area
• PNC Bank and NetBank are poised to win small-business market share by accepting paper check deposits remotely via a scanner attached to the user’s PC