Banks are starved for profitable growth, but the small business sector is still very profitable. While the sector itself isn't growing rapidly, an effective strategy to gain share within this space could be a major source of profit growth.
However, any bank that wants to seize this opportunity will need to embrace a radical change of strategy. Fine-tuning the traditional approach to the small business sector just won't cut it.
In our perspective, A Profit Growth Strategy for Small Business Banking, we detail a new strategy to grow share in this high-profit segment by effectively targeting the competition's best customers, getting small business owners to switch banks, and implementing a cost-effective selling approach to ensure high customer conversion.