Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, has launched a new consulting initiative to help regional and community banks develop and implement a strategy to grow their small business market share.
The Small Business Banking Growth Strategy from Fiserv enables banks to better meet the needs of small businesses by identifying the right mix of solutions; optimizing the packaging, pricing and bundling of services; and providing implementation support, including training and education for the bank staff.
The Small Business Growth Strategy roadmap focuses on all four stages of the small business relationship: client segmentation and identification; attraction of the small business client; effective ongoing relationship management; and growth solutions for more sophisticated small business clients.
To create this offering, Fiserv hosted a series of focus groups of small businesses in a variety of categories and sizes, in order to understand their financial needs and identify the attributes of valued banking relationships. The focus group findings were further validated by field research and in-depth conversations with small businesses and financial institutions that serve small businesses, conducted by Fiserv user experience teams.
A new white paper, "Segmentation by Lifecycle Stage: A Better Way to Define Small Businesses," outlines a key finding from the research, explaining how shifting from a revenue-based customer segmentation model to one aligned with the lifecycle stages of small businesses will position financial institutions to deliver products and services that best meet small businesses' evolving needs. The paper can be downloaded at www.fiserv.com/smallbizsegmentation.
"Small businesses have long been critical to the growth and profitability of banks, yet many small and micro businesses continue to feel underserved by the industry. The Small Business Growth Strategy from Fiserv helps banks better meet the needs of this important client segment and, ultimately, grow their market share," said George Noga, senior vice president and managing director, Revenue Enhancement, Fiserv. "Fiserv is uniquely positioned to deliver this package of consulting services and support. The consulting expertise of our team complements the comprehensive suite of technology products and solutions already offered by Fiserv, as well as our in-depth research."
"In the current regulatory and operating environment, growing small business relationships is a priority for many financial institutions," Noga continued. "Small businesses are the foundation of the economy in towns and neighborhoods across the nation. When banks provide the banking services to help those businesses grow, it underscores the critical role that banks play in driving growth and opportunity."