The August 2023 report reveals that only 35% of small businesses feel their primary financial institution meets their unique digital banking needs, with 19% likely to switch within two years. Millennials and Gen Z business owners are even more likely to change providers. Small businesses want tailored solutions with ease of use, payment transparency, and personalization, plus more advanced capabilities, especially for cash flow management. Over 65% seek tighter integration with accounting systems and fintech tools, as many turn to providers beyond their primary FI to meet at least one financial need.

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