3 Ways to Boost SMB Engagement for Financial Institutions

3 Ways to Boost SMB Engagement for Financial Institutions

From personalized customer service to digital innovations, there are many avenues for financial institutions to elevate their engagement with SMB clients. In a study conducted by McKinsey, estimates show that $150 billion in annual revenue for US banks is generated by SMBs – or approximately 17% of the industry’s revenue. Which is why there is no doubt that SMBs are vastly important to financial institutions.

In this blog post, we will explore 3 strategic ways your financial institution can help SMBs grow — so you can grow with them.

1. Tailored Financial Solutions for SMBs

Understanding the distinctive financial needs of SMBs is crucial for any financial institution looking to enhance engagement. One-size-fits-all approaches aren’t sufficient in a market where diversity and differentiation have become commonplace. Financial institutions need to offer tailored solutions that address the specific challenges faced by SMB clients.

For example, having AI and automation tools in place that direct financial advisors to assist businesses based on their financial data and trends. If the tool or platform shows that an SMB client has excess working capital, you may want to reach out and offer investment options. Not only will the client feel supported, but they may also become a source of referrals, directly impacting your overall growth.

2. Personalized Customer Service and Relationship Management

While automation and AI have become integral parts of system processes, financial advisors remain irreplaceable, especially for SMBs. Offering personalized customer service can significantly impact engagement levels and create a high level of trust between the two stakeholders where they jointly understand the SMB’s unique challenges and opportunities.

Understanding seasonal fluctuations, growth phases, or challenges specific to each SMB enables financial institutions to provide timely and targeted support. In order for business owners to feel supported and empowered, financial institutions can also provide insights to these clients so they can understand opportunities and make informed decisions. interVal makes this process easy and simple for both parties.

3. Digital Innovation and Access to Actionable Insights

As technology continues to evolve and become part of competitive landscapes, SMBs are increasingly turning to digital solutions for their financial health. Financial institutions must stay ahead of the curve by embracing digital innovation and providing effective services.

Integration with accounting software commonly used by SMBs, such as QuickBooks, Xero, or Sage streamlines financial processes. There are more tools available that can help SMBs realize their true potential. 

For example, by syncing their financial data with interVal in just a few minutes, SMBs get instant access to visualized insights into their business. These actionable insights such as investment opportunities due to excess working capital, or loan opportunities due to serviceable debt capacity, can help SMBs make better financial decisions — and help advisors pursue new sales opportunities.


By understanding the unique needs of SMB clients and proactively addressing them you create long-term relationships, contributing to the mutual growth and success of both parties.