Research

Snapshot: Trends in Small and Medium Financial Services Businesses

As pandemic aftershocks continue to shake the economy, small and medium businesses (SMBs) in financial services are helping their clients find solid financial footing through the tremors. In fact, data from a survey conducted by the Harris Poll in the fifth edition of our “Small and Medium Business Trends Report” shows that small and medium businesses in the financial services industry are building resilience in new ways, even as pandemic-era pressures continue to stress-test their businesses.

We dove deep into the fifth edition of the report’s numbers and found that financial services SMBs are pushing forward by deepening trust with their clients, by transforming their business operations, and by leaning on the communities they serve, who’ve stepped forward to support them in new ways.

Key insights

  • The majority of financial services SMBs say that community support (70%) and government support (71%) have been important to their company’s survival during the pandemic.
  • 86% of financial services SMBs expect to continue offering contactless service after the pandemic.
  • 44% of financial services SMBs expect their employees will be working mostly in-person long term.
 
 

A look into how small and medium businesses in the financial services industry are navigating the pandemic.

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