Retail banks have started to digitally enhance their customer experience but when it comes to small business lending they are still stuck in the past; according to a recent report by Bain and SAP only 7% of banks can offer a fully digital experience for credit products; research is starting to show that small businesses want a digital experience for capital and to manage their banking needs; banks can decide to build, partner or buy to ensure they stay competitive; partnerships have continued to form and understanding how best to utilize fintech for the long run will help banks and small businesses. Source

Customer facing technology is a high investment priority for traditional banks seeking to upgrade their operations to meet increasing market demand for more modern technology; many banks across the industry have reported enhancements and upgrades in their branch locations with remodeled branches integrating technology portals to replace human banking representatives; American Banker provides examples of newly designed banking sites from seven traditional banks.  Source