A recent IBISWorld study found the market size of the global commercial banking industry is significant, measuring at $2.6 trillion in 2022. This finding highlights commercial banking as the primary growth opportunity for most U.S. financial institutions (FIs). As the shift to digital continues to accelerate with businesses of all sizes, it is critical that financial institutions deliver the solutions businesses need and the digital experience they expect.  

To accomplish this, many FIs may need to embrace a new approach. While change isn’t always easy, the benefits of embracing new ways to better win, onboard, serve, and grow their commercial business can pay dividends. 

Determining the Right Digital Partner 
FIs of all sizes looking to compete by offering better digital experiences should consider the following when determining which digital partner is right for their business – and their commercial clients. Here are four critical questions to ask when evaluating digital partners.  

  1. Can they help you win more commercial business? 
    Look for partners who can help you advance the commercial banking journey for your clients by offering solutions that can help you deliver tailored services to meet your client needs such as data-driven pricing tools for your sales teams and configurable previews of the solutions prospects need, such as relationship pricing, treasury pricing and tailored commercial demos. 

  2. Will they enable you to onboard commercial clients fast?  
    Since time is money, delivering faster services to your commercial clients will help differentiate you in the market. Investigate providers who offer automated treasury management onboarding tools and self-service account opening and loan origination solutions for treasury onboarding, business account opening and SMB loan origination.  

  3. Do they enable you to serve businesses better through tailored digital experiences? 
    Not all businesses are created equal so finding a configurable digital banking platform will be essential. Especially one that provides cash management and small business products, including a unified digital banking platform, treasury and cash management and tailored SMB solutions.  

  4. What opportunities do they provide for growing deeper, more profitable relationships? 
    Look for partners who offer digital tools that provide context around your portfolio’s profitability. Also, ask about data-driven digital marketing tools, which offer financial products that surpass traditional banking with market and relationship insights and a fintech marketplace for SMB and commercial banking. 

Discover Q2 Catalyst 
Find out how Q2 Catalyst, the first banking suite that supports the commercial banking journey for acquiring, onboarding, serving and growing customer relationships, helps meet the needs and expectations of commercial customers. Check out the following resources for more information.