# Small Business Insights

## Regaining Control of Small Business Relationships

Modern businesses need so much more from their financial institutions — and legacy banking products and services no longer cut it.

You can help. Better serve and monetize SMBs by offering them exactly what they need.

[Download report](https://learn.autobooks.co/cs/c/?cta_guid=e080f7f2-6e10-4dfc-93b8-2815723bd43b&signature=AAH58kFpNGyt9OZLn86aE7c24FzYWQeF8A&portal_id=9344165&pageId=169806217857&placement_guid=78cdd2e5-107f-4dad-8716-f0b808fd7559&click=df9af26b-3071-4b0a-aff2-df5b0c2a3fc6&redirect_url=APefjpHvRYLt9ge3sVYKRvPuq3lO-0LY2pWFpQftgTA90e8q0sUA4KF1EKrLWyhSTYUpIanuEW0yznsQ5h-sarp1U7x6McKSW-56l_yyrQNCcFtv5B8vmHAvRjumNkYFQNeLmO9TQIRzkC2e2FPSxuZnJTxLUpCaQMk7on1dgkAqkkerKORirhdBnvM9kjLhjIikIWlK6rF7VQml5qavJ8bZN0xmSB5VEQ&hsutk=&canon=https%3A%2F%2Flearn.autobooks.co%2Freport-small-business-insights&ts=1784334767716 "Download report")

### Small business has evolved

As businesses have transitioned from in-person to online, digital solutions have become even more crucial to their ongoing success. Innovative non-bank providers have seized this opportunity — and are quickly pushing FIs out of the relationship.

It doesn’t have to be this way. FIs can compete — and take back small business relationships. But it will take a smart mix of technology and services, with the ongoing support that will ensure their success.

##### Most businesses go it alone (as in one person)

Although the vast majority of small businesses are one-person operations (81%, to be exact), that still doesn’t mean they should go it alone. These small business customers require more than the usual cookie-cutter services or accounts.

They’ll need smart, tailored solutions that will help them do more with less — far less.

##### Let’s not forget the self-employed (41.1M of them)

Gig workers generated about $1.28T in revenue in 2018. That’s on par with the economic output of an entire country, Spain. The vast majority of them may be underserved in retail accounts — and likely not a good fit for commercial banking either.

It’s no wonder that so many of them are turning to digital, non-bank providers.

##### It all starts here (and it only takes about 22 minutes)

A business is only as secure as its next sale or source of income. Autobooks enables an SMB to enroll, request payment, and get paid within minutes — all from inside their bank’s online or mobile banking.

For your FI, that means increased deposits, additional NII streams, and improved customer retention.

##### The longer that small businesses rely on Autobooks, the less they turn to third-party providers

Autobooks recently analyzed a cohort of small businesses that bank with a partnering FI. In just nine months after being installed (in May of 2020), Autobooks usage increased steadily to 347%, as third-party usage decreased by 77%. As a result, corresponding deposits grew dramatically — to more than $3.5 million.