Nearly one-third of small businesses have changed financial service providers in 2021, according to survey data from American Express’s Small Business Recovery Report. The top-cited reason for switching was convenience: The new provider offered multiple financial solutions within one company. Secondary reasons followed: Small businesses are switching to providers that streamline operations tasks and offer robust digital banking solutions.
Enter the finance super app. The concept is a decade old (the term was coined in 2010 by BlackBerry founder Mike Lazaridis), but a modern super app in financial services promises seamless access to a variety of tools and services, each one enhancing the next when used simultaneously. If a platform can deliver a full suite of solutions needed to keep a small business humming along, overworked owners will jump at the ability to save time and simplify.
