Research shows over 64% of banks lose potential clients due to inefficient onboarding processes. These initial touchpoints prove decisive for the foundation of the banking relationship. This statistic holds even more weight when banks seek small business clients, who typically have fewer resources but higher expectations for personalized financial support.
How your institution welcomes small business customers doesn’t just set the tone for your relationship—it often determines whether that relationship will flourish or falter. Financial institutions that invest in streamlining and enhancing their onboarding experience report 23% higher product adoption rates and 18% better retention among small business customers.
(Source: Forrester Global Survey, BAI Banking Strategies)
Clearly Communicate Available Business Services
Today’s small business owners conduct extensive research before selecting financial partners. When small businesses are looking for financial partners, they are trying to assess if you can help them solve their business challenges.
So all your available services need to be in two places:
1. Dedicated Website Landing Pages for Each Business Product
When small businesses visit your website, they’re looking for clear, detailed information about how your services can address their specific challenges. Yet some financial institutions still present their business offerings through generic product listings that fail to communicate true value.
The solution? Develop dedicated, comprehensive landing pages for each business product in your portfolio. These pages serve as digital showcases that help potential customers understand exactly what you offer before they ever walk through your doors or complete an application.
Effective product landing pages should include:
- Clear explanations of product features and benefits specifically tailored to business needs
- Transparent fee structures and requirements
- Comparison tools that help businesses select the right service level
- Testimonials from similar businesses sharing their experiences
- Simple “next steps” that make it easy to begin the application process
Banks that excel at small business services often create product pages that include service overviews, industry applications, and implementation expectations. This thorough approach allows business owners to understand exactly how each offering might fit into their operations before they begin the application process.
2. Highlight Available Services Within Online Banking
Even after onboarding, many small business customers remain unaware of your institution’s full range of services. According to a study 58% of small businesses use less than half of the banking services that would benefit their operations, primarily because they don’t know these services exist.
Transform your online banking platform into an educational hub by:
- Creating a dedicated “Business Services” section within your online banking dashboard
- Using targeted banners and notifications based on business behavior patterns
- Implementing a “recommended services” feature that suggests relevant products based on current usage
- Providing easy access to product information without requiring customers to leave the banking platform
Citizens Bank successfully implemented this approach by redesigning their business online banking interface to include a persistent “Solutions” menu that highlights available services with contextual information about how each offering addresses common business challenges.
This strategy not only increases product awareness but also demonstrates your understanding of small business needs. When business owners discover a new service at precisely the moment they need it, your institution becomes a proactive partner rather than just a service provider.
(Source: Barlow Research)
Deepening Business Relationships through Digital Experiences
Today’s business owners expect the same digital convenience in their banking relationships that they experience in their personal lives. Meeting these evolving expectations is essential for financial institutions that want to remain competitive and build lasting relationships with their business clients.
To successfully deliver on these digital expectations, focus on these two critical areas:
Create a Seamless Account Opening Process
The most successful financial institutions recognize that onboarding represents a critical opportunity to demonstrate their commitment to convenience and efficiency.
A truly seamless onboarding process includes:
- Digital account opening that eliminates paper forms and branch visits
- Simplified documentation requirements with clear explanations
- Progress tracking that shows exactly where customers are in the process
- Ability to save partial applications and continue later
- Immediate access to online banking upon approval
Fifth Third Bank revolutionized their small business onboarding by implementing a digital account opening solution that reduced application time from 45 minutes to just 10 minutes. The result was a 34% increase in new business accounts and significantly higher satisfaction scores from first-time business customers.
Implement Digital Loan Applications
For many small businesses, access to credit represents their primary motivation for establishing a banking relationship. Traditional loan application processes, with their lengthy paperwork and branch visits, create significant friction that may drive potential customers to more agile competitors.
Modern loan application processes should feature:
- Streamlined online applications optimized for both desktop and mobile devices
- Clear documentation checklists with the ability to upload files digitally
- Real-time application status updates
- Digital signature capabilities
- Transparent timelines for decision-making and funding
Eastern Bank transformed their small business lending by implementing a fully digital loan application process that provides conditional approval for loans under $100,000 within hours rather than days. This innovation not only increased their small business loan portfolio by 27% but also dramatically improved customer perception of the bank as a forward-thinking partner.
Building on First Impressions
While modernizing your small business onboarding creates a strong foundation, sustaining the relationship requires ongoing attention to the customer experience:
- Gather feedback early and often. Implement post-onboarding surveys to identify pain points and opportunities for improvement.
- Personalize the follow-up process. Assign relationship managers who proactively reach out to new business customers within the first 30 days.
- Create education pathways. Develop sequential communications that introduce additional services based on the customer’s specific business profile.
- Monitor digital adoption. Track which online features new businesses use most and provide targeted guidance for underutilized tools that could benefit their operations.
Takeaways
If you want to build strong, long-term relationships with small business clients, improving your onboarding process is essential. By creating comprehensive product landing pages, highlighting available services within online banking, and implementing seamless digital application processes, you transform a traditionally transactional interaction into the foundation for a lasting partnership.
Remember that first impressions aren’t just about efficiency—they’re about demonstrating your institution’s understanding of and commitment to small business success. When you invest in creating an exceptional onboarding journey, you’re not just acquiring customers; you’re building advocates who will grow alongside your institution for years to come.
