Building a Sustainable Revenue Stream: The Power of Small Business Payments. William Hippensteel Managing Director, BAI

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1 Building a Sustainable Revenue Stream: The Power of Small Business Payments William Hippensteel Managing Director, BAI 1

2 Presentation Outline Dynamics and Demographics of the Small Business Market What Small Business Owners Need BAI Small Business Banking Insights Small Business Innovations and Best Practices Key Takeaways 2

3 Small Business is Big Business 28.2 million Small Business Firms* in the United States 99.7%...of U.S. employer firms 63%...of net new private-sector jobs 48.5%...of private-sector employment 42%...of private-sector payroll 46%...of private-sector output 37%...of high-tech employment 98%...of firms exporting goods 33%...of exporting value Source: Small Business Administration *an independent business having fewer than 500 employees 3

4 Younger, More Affluent Consumers Have a Larger Share of the Small Business Banking Market 25% of U.S. consumers report having a small business bank account 37% of year olds 23% of year olds 28% of 65+ year olds Earners of >$75K are more likely than average to have a small business bank account 44% of 75-99K 36% of $100K+ 55% of wealth management accountholders Source: Mercator Advisory Group ConsumerMonitor Survey Series,

5 Small Business Owners Need a Wide Range of Services Working Capital Cash Management Marketing Analytics Inventory Control Tax Compliance 5

6 Banks Retain the Highest Market Penetration and Primary Payment Provider Relationships Q4. /Q4a. Use of providers for card acceptance/processing (Base=all) Acquiring bank POS terminal provider Third party processor Gateway processor for online payments ISO VAR or ISV for specialized POS applications Don't know 8% 4% 3% 1% 17% 14% 11% 20% 34% 33% 45% 45% 43% 66% Use provider Primary provider Key Highlights Two thirds of SMEs use an acquiring bank, and 82% of these bank users note that the bank is also their firm s primary bank; an additional 16% say they obtain other banking services, although not primary (Q6). While 60% overall say they use primarily one provider, and 37% use two or more (Q5), it is notable that 76% use at least one provider other than a bank or ISO (Q4). While banks enjoy a leadership position, many SMEs use multiple providers. Specialists such as terminal providers, gateways, VARs and ISVs hold important market share positions. Source: Mercator Advisory Group/Vantiv SME Survey, March

7 New Market Entrants are Ready to Lend Money to Small Businesses Online Alternative Loan Market is expanding at a rate of 175% YOY. Source: State of Small Business Lending, Harvard Business School working paper,

8 How Are Traditional Financial Institutions Meeting These Needs? Key Learnings from BAI Small Business Banking Insight Survey 8

9 More Resources Dedicated to Small Business Banks are hiring FTEs and buying technology for small business Retail Banking FTEs are down overall, but banks are investing more in both small business and private banking personnel. Many banks are making new LPOs a priority for growth. Continued focus on getting more small business relationships through the distribution network. 9

10 Staff Functions are Shifting 100% 80% 60% 40% 20% 0% 0% 33% 22% 16% 12% 11% 38% 32% 24% 13% 7% 41% 31% 29% 24% 26% -20% -40% -60% -4% -12% -14% -21% -40% -22% -28% -31% -32% -53% -5% -8% -13% -13% -15% -15% -23% -30% -47% -80% -100% Branch Management (Regional BM, BM, Assistant BM) Teller/ Teller Supervisor/ Universal Teller Branch Customer Service Branch Platform Licensed Financial Specialist Private/Wealth Management Small Business Staff Community Super Community Regional Super Regional Large 30. How has the number of people in each of these roles changed in the past two years? 10

11 Small Business Priorities Within Organization NOTE: Respondents spend at least 25% of their time working with small business customers and/or small business projects Small Business Priorities Within Organization Average Rank Total Credit facilities 3.3 Payment acceptance 4.1 Security 4.3 Transaction reporting tools 4.3 Payroll 4.4 Compliance 4.5 Accounting and tax reporting 4.9 Inventory management 6.3 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Rank 6 Rank 7 Rank 8 Q58. Please rank the following areas of investment from most important (top) to least important (bottom) for small business efforts within your organization. 11

12 Net Loan Growth is Weak More Resources Dedicated to Small Business Banks are hiring FTEs and buying technology for small business Retail Banking FTEs are down overall, but banks are investing more in both small business and private banking personnel. Many banks are making new LPOs a priority for growth. Continued focus on getting more small business relationships through the distribution network. Good loan growth not offset by Commercial RE runoff Strong growth in small business C&I lending and regional commercial real estate. Small business credit card growth is returning for the large banks. Even with this strong growth in small business lending, the run-off from commercial real estate is resulting in negative net growth. More sources of alternative lenders. 12

13 Alternative Lending Sources as Competitive Threats NOTE: Respondents spend at least 25% of their time working with small business customers and/or small business projects Alternative Lending Sources as Competitive Threats Average Rank Total Another non-bank lender Personal credit card Second mortgage Another online lending group Lending Club Friends and family PayPal Kickstarter Sam's Club 7.4 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Rank 1 Rank 2 Rank 3 Rank 4 Rank 5 Rank 6 Rank 7 Rank 8 Rank 9 Q56. Please rank the following alternative lending sources from the biggest threat (top) to smallest threat (bottom) in terms of small business lending competition. 13

14 Greater Focus on Cash Management More Resources Dedicated to Small Business Net Loan Growth is Weak Banks are hiring FTEs and buying technology for small business Retail Banking FTEs are down overall, but banks are investing more in both small business and private banking personnel. Many banks are making new LPOs a priority for growth. Continued focus on getting more small business relationships through the distribution network. Good loan growth not offset by Commercial RE runoff Strong growth in small business C&I lending and regional commercial real estate. Small business credit card growth is returning for the large banks. Even with this strong growth in small business lending, the runoff from commercial real estate is resulting in negative net. More attention being given to an underpenetrated deposit base Shifting from micro businesses is driving higher balances and profits. Less than 5% of small business customers have cash management services. Digital cross sell and packaging starting to emerge. Greater focus on Remote Deposit Capture. 14

15 Small Business Mobile Deposit Capture Usage NOTE: Respondents spend at least 25% of their time working with small business customers and/or small business projects Mobile Deposit Offered % Using Mobile Dep. 100% 100% 100% 7% 90% 90% 90% Reasons More Not Using 80% 80% 80% 70% 37% 70% 70% 59% 60% 60% 60% 50% 50% 50% 40% 40% 40% 30% 56% 30% 30% 22% 20% 10% 0% No, and no plans to offer No, but will offer in next 1-2 years Yes Q51. Does your institution currently offer mobile deposit capture services to small business customers? Q52. What percent of your small business customers are currently using mobile deposit capture services on, at least, a monthly basis? Q53. What is the main reason more small business customers are not using your mobile deposit capture service? 20% 10% 0% 17% 20% 9% 10% 11% 0% Not enough checks received to justify Security concerns Deposit takes too long to post to acct Service is too expensive 15

16 Innovation Trends 16

17 What Small Business Owners Want Best in breed small business banking providers are converging around three key strategies: INTEGRATED DATA - Dashboards - Data Management - Data Security SIMPLICITY - Pricing - Account Management - Onboarding MOBILE - RDC - Payment Acceptance - Cash Management 17

18 Key Innovation: Data Integration Integration of banking & payment data for better management Capture customer information in the banking data that can assist owners manage their company. Better integration of cash flow, receivables & payables to streamline activities. Managing omni-channel experiences for small businesses like consumers. 18

19 Capital One Spark Pay Spark Pay enables small business owners to take credit card payments and manage finances using their own mobile and digital devices. Capital One provides merchants with payment information to manage their inventory and marketing. They can also create custom offers for customers, customize receipts with social media links, manage inventory across channels, and more. Transactions Banking Offers Settings 19

20 Yodlee Small Business Mobile Cash Flow Forecaster Yodlee s small business mobile cash flow forecaster provides budgeting to expense analysis, cash flow projections, and even collaborative tools for managing shared finances all with the ability to aggregate information among a variety of business and personal accounts. 20

21 Integrating Data Key Innovation Simplifying Solutions Integration of banking & payment data for better management Capture customer information in the banking data that can assist owners manage their company. Better integration of cash flow, receivables & payables to streamline activities. Managing omni-channel experiences for small businesses like consumers. Providing simple solutions to complex activities Focus on transparency, simplicity, efficiency, and feedback. More use of customization, automation and greater analytics. Looking outside of basic banking needs to provide clientcentric solutions beyond transactional products. 21

22 Small Business Innovation: Simplicity Barclays Business Current Account gives a Loyalty Reward where the longer they bank with Barclays and the more money they put through their account the more bank charges will be given back. The program provides Simple transparent Price Plans designed around the way businesses make and receive payments as well as a Unique Price Plan Guarantee where customer contracts are reviewed each year and if a different plan could save customers money then they will be moved to that plan. 22

23 First National Bank of South Africa Single Fee Pricing Single Fee Pricing Option (SFPO) by First National Bank of South Africa provides smaller businesses a fixed monthly fee that they would be able to plan and budget for while also offering a high value for money pricing option. 23

24 Barclays Bank Business Abroad Barclays Business Abroad is a one-stop-shop to help support small businesses embark on trading internationally for the first time. This unique offering in the market provides a package of guidance, discounts and tools to manage all the key risks and challenges as they trade internationally. Since the launch in October 2012, in excess of 5,000 customers have signed up. Within 3 months of signing up, over 65% of customers have made at least 1 international payment. 24

25 Key Innovation Mobility Integrating Data Simplifying Solutions Integration of banking & payment data for better management Capture customer information in the banking data that can assist owners manage their company. Better integration of cash flow, receivables & payables to streamline activities. Managing omni-channel experiences for small businesses like consumers. Providing simple solutions to complex activities Focus on transparency, simplicity, efficiency, and feedback. More use of customization, automation and greater analytics. Looking outside of basic banking needs to provide clientcentric solutions beyond transactional products. Mobile migration is slower for SBs, but evolving Emphasis on use of analytics, social media, digital channels, integrated value propositions and mobile sales. Co-creation process in design of products, pricing, delivery and communication. 25

26 BBVA Compass Business Mobility Bundle BBVA Compass has designed a Business Mobility Bundle for micro businesses as a set of features it hopes will appeal: online and mobile banking with a free tablet no monthly fee remote check deposit a card reader 26

27 CaixaNegocios Community CaixaNegocios Community is a social network aimed at small businesses offering tools where businesses can find and contact possible suppliers or new customers. They can also keep up with the latest from their professional sector thanks to news segmented by professional sector. Since the launch of the new business segment in March 2014, 9,308 users have registered and more than 1,500 applications have been downloaded. 27

28 Small Business Innovation: Mobile fastpay from DenizBank is a hands-free payment system whereby merchants have a web platform account plugged into DenizBank s system that enables you to exchange data and information with other smart technology. The system allows merchants to push out campaign messages to smartphones of potential customers in the store s vicinity, track store entrants and identify customers when they are ready to make a transaction. At the point of purchase, the merchant uses the web platform on their tablet to identify the customer and trigger payment. A receipt is sent to the customer s smartphone, providing them with an entirely hands-free payment process. 28

29 Key Takeaways 29

30 Key Takeaways Small business clients want simplicity and appreciate acknowledging their personal account relationships. Small business owners need more than just basic banking services, offer specific enhanced services such as cash management, payment acceptance, or analytics. With technology-based offerings, banks and ISOs have the potential to defend their position, get closer to customers, and grow revenue. Small and medium-sized merchants are already multichannel businesses. Consumer payments are increasingly being embedded in other commerce-related transactions. Business payments are where inefficiencies reside and are ripe for new solutions. 30

31 Contact Me for More Information William Hippensteel (312)

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