Here’s what Mark Hogan, President,
Small Business Banking,
Bank of America told us.
Q. The conference theme is "putting the pieces together," providing an integrated offer to small business. What would have to change in your bank or banks in general in order to reach "the promised land" of a seamless integrated offer?
A. Our customers expect their bank to know who they are at every point of interaction, every time they do business with us. Over the last several years, Bank of America has built an operating model that effectively creates that level of integration around the customer.
We’ve learned that when you put the focus on integration and on the customer experience, you enable levels of innovation in products, services and processes that allow you to offer things that are new to the marketplace, and also to put existing products and capabilities together in new ways.
The key element of success has been to put the focus squarely on what the customer needs and wants, and make that the principle that guides everything you do – every decision is made with the understanding that that is where the priority lies.
Q. What are 2 or 3 of the most exciting ideas or innovations you have seen in the small business banking space in the last couple of years?
A. In recent years, small business banking has been transformed by the availability of credit to small business owners. It’s become much easier for small business owners to obtain the financing they need to start, grow and manage their businesses. Another major shift has been the increasing acceptance and usage of technology. Small business banking has caught up with consumer banking in online capabilities
Q. What ideas or innovations do you expect in the years ahead?
A. Over the next few years, I expect to see more small businesses finding a way to network, share insights and exchange experiences. Financial services providers are very well positioned to enable and support online communities, where small business owners can make vital connections as well as do business. And I expect to see much greater demand among small business owners for sophisticated products and services that traditionally have been reserved for larger businesses. Demand for these products and services will drive innovations in how financial services providers deliver for their small business clients.