Overview

Over the past decade, the number of banking and payments options available to business owners has expanded tremendously, fueled by the entry of fintech and Silicon Valley players into small-business lending, point-of-sale solutions, payments, expense management, and recently credit cards and checking accounts. As the new decade approaches, banks will be entering a highly competitive environment that will require them to be innovative, while maintaining and leveraging their traditional strengths: financial expertise, and the ability to build a long-term, trust-based relationship with business clients.

In “2020 Small-Business Banking & Payments Trends,” Javelin outlines three key areas bankers should consider to be key priorities in the coming year: electronic payments, serving the expanding freelance and self-employed market, and digital account opening for business products.