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Session Description:
Until recently, the
small-business customer segment was largely ignored and
under-served by banks because the costs of serving them were
perceived to be far greater than the returns. Today, small
businesses have become an important target market for banks,
as this customer segment currently spends approximately
US$353 billion on financial products in the United States .
This presentation will
examine the preferences of this segment, the ways in which
they transact with their banks, as well as the products they
are using most. Much of the information in the presentation
is based on the results of a survey of 278 small businesses
conducted by Aite Group.
This program is appropriate for senior financial executives
with responsibility for Small Business Banking, Small
Business Owners, Affluent Research, Retail Marketing,
Channel Marketing Product Development, Market Research and
Strategy Teams.
About Christine Barry:
Ms. Barry serves as a Research Director at Aite Group LLC.
Ms. Barry is an acknowledged banking industry expert with
more than a decade of experience in financial services
products and technologies. She has worked with a broad range
of US and international clients analyzing industry trends
and identifying market opportunities, product gaps and
potential partners to help them achieve their strategic IT
goals.
Ms. Barry has been quoted in various media outlets,
including BusinessWeek, American Banker, Bank Technology
News, Bank Systems & Technology, and The Banker. She also
appeared on CNNfn. She has presented her research at various
conferences, including WACHA Electronic Payments Conference,
the NACUSO Fall Leadership Roundtable, and the NYCE Risk
Management Forum.
Prior to joining Aite Group, Ms. Barry was a senior
consultant in the strategy practice at HighQuest Partners
where she helped technology companies to enter, grow and
succeed in US markets.
Previously, Ms. Barry was a senior analyst in Celent
Communications banking group where she published several
studies and advised clients on new strategic technologies in
the financial services marketplace. Her areas of expertise
were cash management, commercial lending, core
banking/processing, small business banking, mortgages, and
biometrics. Ms. Barry did similar work as a research analyst
for Meridien Research’s (now Financial Insights) e-financial
services group.
Ms. Barry was also an associate in commercial and municipal
lending at KBC Bank and a financial analyst for Citibank in
the firm’s global derivatives and strategic initiatives
groups.
Ms. Barry holds an MBA from Babson College and a BA in
international business from Villanova University.
About Aite Group:
Aite Group is a leading independent research and advisory
firm focused on business, IT and regulatory issues and their
impact on the financial services industry.
Aite Group was founded by leading industry experts in
Banking and Securities & Investments. The corporate
philosophy of Aite Group is firmly rooted in the founders'
belief that in today's rapidly evolving financial services
industry, clients seek comprehensive, timely, actionable
advice.
Aite Group seeks to become a true partner, advisor, and
catalyst by exchanging ideas and challenging basic
assumptions to ensure that our clients always stay one step
ahead of the competition.
www.AiteGroup.com
BAI Banking Strategies
January 17, 2007
Electronic, Online Services Needed to Lure Small Businesses
What's the way to a small business person's heart? A
wider array of online and electronic services, such as
remote deposit, electronic invoicing and financial
management software, according to research from the Aite
Group LLC.
"Small businesses are looking for more options online," said
Christine Barry, research director for the Boston-based
firm, as she presented the results of Aite's early 2006
survey of 278 small businesses with annual revenues under
$10 million. Barry spoke last month during a Web conference
call entitled "Winning the Hearts and Wallets of the Small
Business Segment" hosted by Tampa-based OnsiteConference.
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