banking and millennial entrepreneurs
TRANSCRIPT
Banking and
Millennial Entrepreneurs
January 6, 2015Bredin, Inc.
www.bredin.com
617-868-6369
Insight Lead Gen Content Sales Support
Increasing SMB Acquisition, Engagement and Retention
2
Research Objective
3
Give bank marketers a current perspective on
Millennial SBO engagement preferences
• Key business challenges
• Bank transaction activities and preferences
• Loan application activity and experience
• Familiarity with and perceptions of alternative lenders
• Perceptions of their bank, and switching likelihood
• Perception of major bank brands
Methodology
4
Methodology
How
• 15-minute online survey
Who
• 514 principals of U.S. companies with <500 employees
• 209 with <20 employees
• 191 with 20-99 employees
• 114 with 100-500 employees
• Any industry
• See slides 27-31 for participant demographics
When
• September 22 – October 2, 2014
1
2
3
Detailed Results
0% 10% 20% 30% 40% 50% 60% 70%
Lack of education / resources to run a small business
Obtaining a loan / getting funding for my business
Retaining current customers
Retaining good employees
Managing costs
Having enough money to pay our bills
Staying in business
Dealing with government regulations
Finding good employees
Developing new products and services
Dealing with competition
Finding new customers
Millennials
All others
On a scale of 1 (not at all important / challenging) to 5 (very important / challenging), please
rate each of these business challenges:
Managing a business is more challenging for Millennials
Business Challenges
6
Top-two box
n=466
*significant difference
*
*
*
*
*
*
*
Please indicate if you have done any of these bank transactions for your business in the past
12 months: (select all that apply)
Bank Transactions
7
Millennials are “online lite” and ATM- and banker-heavy
0% 10% 20% 30% 40% 50% 60% 70% 80%
Made a mobile payment
Used phone banking
Used mobile banking
Met with a banker
Used an ATM
Made an online payment
Used online banking
Visited a bank branch
Millennials
All others
n=459
*significant difference
*
*
*
In
person
at a
branch
In
person
at an
ATM
Email Mail
On the
phone
(e.g.,
calling
customer
service)
On my
computer
(desktop,
laptop)
On my
smart-
phone,
through my
bank’s
mobile app
On my
smart-
phone’s
mobile
web
browser
On my
tablet (e.g.,
an iPad),
through my
bank’s
mobile app
On my
tablet’s
mobile
web
browser
Access banking
information, e.g.,
account balances
30%*
21%
9%*
4%
8%
5%
5%
2%
3%
4%
30%*
52%
5%
9%
2%
1%
6%
2%
2%
1%
Apply for a loan50%*
62%
11%*
4%
8%*
3%
4%
2%
9%*
3%
13%
20%
1%
3%
2%
0%
1%
1%
2%
1%
Ask about a fee or
service charge
24%
31%
8%*
1%
18%*
11%
4%
2%
25%
28%
12%
19%
4%
4%
2%
2%
2%
2%
2%
0%
Change / update
account information
22%
28%
9%
2%
9%
5%
8%
*
3%
9%
5%
34%*
46%
3%
6%
1%
2%
3%
2%
2%
2%
Deposit cash43%*
65%
20%
18%
9%*
2%
4%
2%
9%*
2%
11%
6%
1%
2%
1%
2%
5%*
1%
1%
0%
Deposit checks43%*
59%
21%
14%
6%
3%
2%
2%
2%
2%
15%*
7%
2%*
10%
2%
1%
0%
1%
2%
1%
Open or close an
account
45%*
66%
11%*
2%
5%
3%
5%
2%
7%
3%
16%
16%
5%
5%
2%
1%
2%
1%
2%
1%
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row):
Transaction Preferences
8n=514
*significant differenceMillennials
All others
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row):
Transaction Preferences, continued
9Millennials
All others
In
person
at a
branch
In
person
at an
ATM
Email Mail
On the
phone
(e.g.,
calling
customer
service)
On my
computer
(desktop,
laptop)
On my
smart-
phone,
through
my bank’s
mobile
app
On my
smart-
phone’s
mobile
web
browser
On my
tablet (e.g.,
an iPad),
through my
bank’s
mobile app
On my
tablet’s
mobile
web
browser
Pay bills20%
14%
8%*
1%
5%
5%
9%
11%
5%
3%
37%*
54% *
6%
6%
5%
2%
5%
4%
2%
0%
Receive
statements
14%
11%
5%*
2%
19%
13%
13%*
24%
6%
3%
26%*
38%
6%
4%
2%
2%
6%
2%
2%
1%
Receive alerts12%
10%
10%*
1%
20%
25%
4%
6%
9%
4%
23%
31%
10%
15%
5%
4%
3%
2%
4%
1%
Report a problem23%
30%
6%*
1%
18%*
8%
2%
3%
18%
24%
19%
22%
4%
6%
3%
1%
4%
4%
2%
1%
Send / receive
wires
23%
30%
7%
2%
13%
8%
5%
4%
9%
5%
28%
38%
5%
6%
3%
3%
4%
3%
2%
1%
Transfer funds
between accounts
19%
22%
8%*
2%
10%*
4%
3%
3%
9%
6%
32%*
48%
8%
8%
2%
2%
5%
3%
3%
1%
Withdraw funds25%*
47%
34%*
24%
9%*
4%
3%
2%
5%*
1%
13%
15%
4%
3%
3%
1%
4%
2%
1%
1%
n=514
*significant difference
Have you applied for a loan or line of credit for your business in the past three years?
Loan Application
10
Millennials are disproportionately likely to have applied for a loan
24%
44%
76%
56%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
All others
Millennials
Yes
No
n=463
*statistical significance
**
(if yes) Who did you apply with? (select all that apply)
Loan Sources
11
Millennials are similar to older SBOs in loan sourcing
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
Alternative (also called “branchless”) business lender like Biz2Credit, CAN Capital, Kabbage or
OnDeck Capital
Credit union
Traditional bank
Millennials
All others
n=135
(if yes) Was your loan approved?
Application Approval
12
Loan approval is identical regardless of SBO age
(if yes) By whom?
96%
96%
4%
4%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
All others
Millennials
Yes
No
n=135
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
Alternative lender
Credit union
Traditional bank
Millennials
All others
n=131
On a scale of 1 (very dissatisfied) to 5 (very satisfied), how satisfied were you with the
process?
Loan Application Process
13
Millennials are slightly more satisfied with the loan application process
0% 10% 20% 30% 40% 50% 60%
1 (very dissatisfied)
2
3 (neither satisfied nor dissatisfied)
4
5 (very satisfied)
Millennials
All others
n=132
Do you plan to apply for a loan or line of credit for your business in the next year?
Lending Outlook
14
Millennial SBOs are significantly more likely to apply for a loan next year
20%
33%
80%
67%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
All others
Millennials
Yes
No
n=457
*statistical significance
* *
(if yes) Who will you apply with? (select all that apply)
Loan Sources
15
Millennials are more likely to apply to a credit union
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Alternative lender
Credit union
Traditional bank
Millennials
All others
n=104
*
*
0% 10% 20% 30% 40% 50% 60% 70% 80%
Loan approval process time is too long
Don’t think my business would be approved for a loan
Cost of credit is too high
Don’t want to take on debt
Don’t need financing
Millennials
All others
(if no) Why do you not plan to apply for a loan? (select all that apply)
Status Quo Rationale
16
Lack of perceived need is the biggest obstacle to loan application, regardless of age
n=347
On a scale of 1 (not at all familiar) to 5 (very familiar), please rate how familiar are you with
alternative business lenders like Biz2Credit, CAN Capital, Kabbage and OnDeck Capital.
Alternative Lenders: Awareness
17
Millennial SBOs are more familiar with alternative lenders
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
1 (not at all familiar)
2
3 (somewhat familiar)
4
5 (very familiar)
Millennials
All others
n=463
*statistical significance
*
*
(if 3, 4 or 5 on previous Q) On a scale of 1 (strongly disagree) to 5 (strongly agree), please
rate each of these statements about alternative business lenders:
Alternative Lenders: Perception
18
Millennial SBOs are more positively disposed towards alternative lenders
0% 10% 20% 30% 40% 50% 60% 70% 80%
Their loan approval process is much faster thantraditional banks
They use different criteria than traditional banks toassess my business, and therefore have a better
understanding of my business
They are more likely to approve my loanapplication than traditional banks
They are more convenient than traditional banks
Their loan approval process is much simpler thantraditional banks
Even though the interest rate may be higher,alternative lenders are worthwhile because of the
convenience
Millennials
All others
Top-two box
n=213
*statistical significance
*
*
*
On a scale of 1 (strongly disagree) to 5 (strongly agree), please rate the following statements:
Bank Perceptions
19
Millennials are generally happy with their banking relationship
0% 20% 40% 60% 80%
I am likely to switch banks within the next 12 months
I would rather go to the dentist than my bank branch
In five years, I won’t need a bank at all
I would prefer to do all my banking / financial transactions with acompany like Google or Apple instead of my current bank
I would consider switching to a branchless bank
I would be just as happy to do all my banking / financialtransactions with a company like Google or Apple as my current…
My bank doesn’t offer anything different than any other bank
Financial services innovation will come from outside the bankingindustry
In five years, the way I do my banking / financial transactions willbe totally different
I use my bank’s mobile app
I would recommend my bank to peers
I am happy with my bank
Millennials
All others
Top-two box
n=467
*statistical
significance*
*
*
*
*
*
*
*
*
*
(if likely to switch) Why are you likely to switch banks in the next 12 months?
Switching Drivers
20
Fees and service are common switching drivers
Millennials:
All others:
If switching was no problem, which company or kind of company would you most like to do
your business banking with?
Preferred FIs
21
Millennials generally prefer to stay with their bank
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
An alternative business lender like Biz2Credit,CAN Capital, Kabbage or OnDeck Capital
A company like Amazon, Apple, Google, PayPalor Square
Another bank
My current bank
Millennials
All others
n=467
On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Brand Perception
Bank of America
***
0%
10%
20%
30%
40%
50%
60%
70%
80%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
Union Bank
UPS
Rate
d f
avora
ble
(to
p t
wo b
ox)
Top rated/familiar Top rated/unfamiliar
Low rated/unfamiliarLow rated/familiar
PayPal
eBay FedEx
Microsoft
Office Depot
AT&T Sony
HP
Verizon
AppleWells FargoChase Bank
Capital One
Sam’s Club
Citibank
IBM
Dell
Sprint
Comcast
Cisco
American Express
OPEN
Charles Schwab
Citizens BankHSBC
U.S. Bank
Lenovo
Fidelity Investments
Intuit
BB&TPNC Bank
Regions Bank
CenturyLink
Charter Communications
SunTrust BankFifth Third Bank
Symantec
TD Bank
Cablevision
M&T Bank
Key BankBiz2Credit
Ally Bank
BMO
Kabbage
CAN Capital
OnDeck Capital
Salesforce.com
Staples
Cox
Unfamiliar with brand
Major Bank Brand Perceptions
23
Millennial SBOs generally see large bank brands more favorably
0% 10% 20% 30% 40% 50% 60%
M&T Bank
Key Bank
Fifth Third Bank
BMO
SunTrust Bank
Regions Bank
Ally Bank
Union Bank
TD Bank
HSBC
PNC Bank
BB&T
Citizens Bank
U.S. Bank
Citibank
Capital One
Chase Bank
Wells Fargo
Bank of America
Millennials
All others
Top-two box
n=467
*statistical significance
*
*
*
**
*
*
*
What would it take to get you to improve your perception of banks in general?
Bank Brand Improvement
24
Fees and service are the biggest areas for improvement
Millennials:
All others:
Your To-Do’s
25
Educate Millennial SBOs on the benefits of financing
Provide integrated multichannel access - however don’t ignore ATMs
and bankers
✔
✔
✔
✔
Stu Richards, CEO
Twitter: @SBDF
Use content marketing to develop an advisory relationship and
strengthen brand perception
✔Demonstrate Seacoast Bank’s commitment to innovation
Emphasize Seacoast Bank’s advantages vs. credit unions and
alternative lenders
Sample Characteristics
Sample Characteristics
Owner, Founder, Manager, Partner, CxO, etc.
100%Title Principal
27
Industry
PS: Educational services, Finance & insurance, Health care &
social assistance, Information technology, Management of
companies & enterprises, Professional services
RW: Accommodation & food service, Arts, Entertainment &
recreation, Real estate, rental & leasing, Retail trade,
Transportation & warehousing, Wholesale Trade
M: Construction, Manufacturing, Mining, Scientific &
technical services, Utilities
Other: Administrative, support, waste management &
remediation service, Other services (except public
administration)n=508
n=521
40%
29%
19%
12%
25%
31%
44% Y
M
50+
Sample Characteristics
28
Age
Gender
= 18-34
= 35-49
n= 518
n= 512
52%48% Male
Female
29%
26%
45% <5 years
6-10 years
10+ years
40%
37%
22% 1-19 employees
20-99 employees
100-500 employees
Sample Characteristics
29
Company
Size
Years in Business
n= 521
n= 503
2% 4%
25%
42%
25%Down 10% or more
Down, by less than 10%
Same as 2014
Up by 10% or more
Up, by less than 10%
36%
30%
34% No Growth
Slow Growth
Fast Growth
17%
30%46%
6%$2,500,000 to $10,000,000
$500,000 to $2,499,999
Less than $500,000
More than $10,000,000
Sample Characteristics
30
2013
revenue
2015 revenue
growth
2014 revenue
outlook
n= 515
= flat or down vs. 2013
= <10% growth vs. 2013
= >10% growth vs. 2013
n= 514
n= 520
Sample CharacteristicsSample Characteristics
31
REGION
N=534
Midwest
20.9%
West
19.7%
South
36.9%
Northeast
22.5%
Significance Test Results
Section 1: Business Age
29%
26%
45% <5 years
6-10 years
10+ years
n= 503
On a scale of 1 (not at all important / challenging) to 5 (very important / challenging), please
rate each of these business challenges:
Business Challenges
34
Please indicate if you have done any of these bank transactions for your business in the past
12 months: (select all that apply)
Bank Transactions
35
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Access banking information, e.g., account balances
Transaction Preferences
36
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Apply for a loan
Transaction Preferences, continued
37
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Ask about a fee or service charge
Transaction Preferences, continued
38
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Change / update account information
Transaction Preferences, continued
39
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Deposit cash
Transaction Preferences, continued
40
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Deposit checks
Transaction Preferences, continued
41
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Open or close an account
Transaction Preferences, continued
42
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Pay bills
Transaction Preferences, continued
43
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Receive statements
Transaction Preferences, continued
44
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Receive alerts
Transaction Preferences, continued
45
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Report a problem
Transaction Preferences, continued
46
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Send / receive wires
Transaction Preferences, continued
47
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Transfer funds between accounts
Transaction Preferences, continued
48
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Withdraw funds
Transaction Preferences, continued
49
Have you applied for a loan or line of credit for your business in the past three years?
Loan Application
50
(if yes) Who did you apply with? (select all that apply)
Loan Sources
(if yes) Was your loan approved?
Application Approval
51
(if yes) By whom?
On a scale of 1 (very dissatisfied) to 5 (very satisfied), how satisfied were you with the
process?
Loan Application Process
52
Do you plan to apply for a loan or line of credit for your business in the next year?
Lending Outlook
53
(if yes) Who will you apply with? (select all that apply)
Loan Sources
(if no) Why do you not plan to apply for a loan? (select all that apply)
Status Quo Rationale
54
On a scale of 1 (not at all familiar) to 5 (very familiar), please rate how familiar are you with
alternative business lenders like Biz2Credit, CAN Capital, Kabbage and OnDeck Capital?
Alternative Lenders: Awareness
55
(if 3, 4 or 5 on previous Q) On a scale of 1 (strongly disagree) to 5 (strongly agree), please
rate each of these statements about alternative business lenders:
Alternative Lenders: Perception
56
On a scale of 1 (strongly disagree) to 5 (strongly agree), please rate the following statements:
Bank Perceptions
57
If switching was no problem, which company or kind of company would you most like to do
your business banking with?
Preferred FIs
58
On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception
59
On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception, continued
60
On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception, continued
61
On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception, continued
62
Section 2: 2014 Growth
36%
30%
34% No Growth
Slow Growth
Fast Growth
= flat or down vs. 2013
= <10% growth vs. 2013
= >10% growth vs. 2013
n= 514
On a scale of 1 (not at all important / challenging) to 5 (very important / challenging), please
rate each of these business challenges:
Business Challenges
64
Please indicate if you have done any of these bank transactions for your business in the past
12 months: (select all that apply)
Bank Transactions
65
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Access banking information, e.g., account balances
Transaction Preferences
66
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Apply for a loan
Transaction Preferences, continued
67
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Ask about a fee or service charge
Transaction Preferences, continued
68
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Change / update account information
Transaction Preferences, continued
69
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Deposit cash
Transaction Preferences, continued
70
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Deposit checks
Transaction Preferences, continued
71
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Open or close an account
Transaction Preferences, continued
72
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Pay bills
Transaction Preferences, continued
73
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Receive statements
Transaction Preferences, continued
74
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Receive alerts
Transaction Preferences, continued
75
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Report a problem
Transaction Preferences, continued
76
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Send / receive wires
Transaction Preferences, continued
77
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Transfer funds between accounts
Transaction Preferences, continued
78
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Withdraw funds
Transaction Preferences, continued
79
Have you applied for a loan or line of credit for your business in the past three years?
Loan Application
80
(if yes) Who did you apply with? (select all that apply)
Loan Sources
(if yes) Was your loan approved?
Application Approval
81
(if yes) By whom?
On a scale of 1 (very dissatisfied) to 5 (very satisfied), how satisfied were you with the
process?
Loan Application Process
82
Do you plan to apply for a loan or line of credit for your business in the next year?
Lending Outlook
83
(if yes) Who will you apply with? (select all that apply)
Loan Sources
(if no) Why do you not plan to apply for a loan? (select all that apply)
Status Quo Rationale
84
On a scale of 1 (not at all familiar) to 5 (very familiar), please rate how familiar are you with
alternative business lenders like Biz2Credit, CAN Capital, Kabbage and OnDeck Capital?
Alternative Lenders: Awareness
85
(if 3, 4 or 5 on previous Q) On a scale of 1 (strongly disagree) to 5 (strongly agree), please
rate each of these statements about alternative business lenders:
Alternative Lenders: Perception
86
On a scale of 1 (strongly disagree) to 5 (strongly agree), please rate the following statements:
Bank Perceptions
87
If switching was no problem, which company or kind of company would you most like to do
your business banking with?
Preferred FIs
88
On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception
89
On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception, continued
90
On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception, continued
91
On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception, continued
92
Section 3: Company Size
40%
37%
22% 1-19 employees
20-99 employees
100-500 employees
n= 521
On a scale of 1 (not at all important / challenging) to 5 (very important / challenging), please
rate each of these business challenges:
Business Challenges
94
Please indicate if you have done any of these bank transactions for your business in the past
12 months: (select all that apply)
Bank Transactions
95
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Access banking information, e.g., account balances
Transaction Preferences
96
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Apply for a loan
Transaction Preferences, continued
97
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Ask about a fee or service charge
Transaction Preferences, continued
98
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Change / update account information
Transaction Preferences, continued
99
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Deposit cash
Transaction Preferences, continued
100
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Deposit checks
Transaction Preferences, continued
101
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Open or close an account
Transaction Preferences, continued
102
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Pay bills
Transaction Preferences, continued
103
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Receive statements
Transaction Preferences, continued
104
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Receive alerts
Transaction Preferences, continued
105
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Report a problem
Transaction Preferences, continued
106
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Send / receive wires
Transaction Preferences, continued
107
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Transfer funds between accounts
Transaction Preferences, continued
108
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Withdraw funds
Transaction Preferences, continued
109
Have you applied for a loan or line of credit for your business in the past three years?
Loan Application
110
(if yes) Who did you apply with? (select all that apply)
Loan Sources
(if yes) Was your loan approved?
Application Approval
111
(if yes) By whom?
On a scale of 1 (very dissatisfied) to 5 (very satisfied), how satisfied were you with the
process?
Loan Application Process
112
Do you plan to apply for a loan or line of credit for your business in the next year?
Lending Outlook
113
(if yes) Who will you apply with? (select all that apply)
Loan Sources
(if no) Why do you not plan to apply for a loan? (select all that apply)
Status Quo Rationale
114
On a scale of 1 (not at all familiar) to 5 (very familiar), please rate how familiar are you with
alternative business lenders like Biz2Credit, CAN Capital, Kabbage and OnDeck Capital?
Alternative Lenders: Awareness
115
(if 3, 4 or 5 on previous Q) On a scale of 1 (strongly disagree) to 5 (strongly agree), please
rate each of these statements about alternative business lenders:
Alternative Lenders: Perception
116
On a scale of 1 (strongly disagree) to 5 (strongly agree), please rate the following statements:
Bank Perceptions
117
If switching was no problem, which company or kind of company would you most like to do
your business banking with?
Preferred FIs
118
On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception
119
On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception, continued
120
On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception, continued
121
On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception, continued
122
Section 4: Gender
55%
45% Male
Female
n=1,639
On a scale of 1 (not at all important / challenging) to 5 (very important / challenging), please
rate each of these business challenges:
Business Challenges
124
Please indicate if you have done any of these bank transactions for your business in the past
12 months: (select all that apply)
Bank Transactions
125
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Access banking information, e.g., account balances
Transaction Preferences
126
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Apply for a loan
Transaction Preferences, continued
127
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Ask about a fee or service charge
Transaction Preferences, continued
128
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Change / update account information
Transaction Preferences, continued
129
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Deposit cash
Transaction Preferences, continued
130
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Deposit checks
Transaction Preferences, continued
131
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Open or close an account
Transaction Preferences, continued
132
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Pay bills
Transaction Preferences, continued
133
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Receive statements
Transaction Preferences, continued
134
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Receive alerts
Transaction Preferences, continued
135
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Report a problem
Transaction Preferences, continued
136
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Send / receive wires
Transaction Preferences, continued
137
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Transfer funds between accounts
Transaction Preferences, continued
138
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Withdraw funds
Transaction Preferences, continued
139
Have you applied for a loan or line of credit for your business in the past three years?
Loan Application
140
(if yes) Who did you apply with? (select all that apply)
Loan Sources
(if yes) Was your loan approved?
Application Approval
141
(if yes) By whom?
On a scale of 1 (very dissatisfied) to 5 (very satisfied), how satisfied were you with the
process?
Loan Application Process
142
Do you plan to apply for a loan or line of credit for your business in the next year?
Lending Outlook
143
(if yes) Who will you apply with? (select all that apply)
Loan Sources
(if no) Why do you not plan to apply for a loan? (select all that apply)
Status Quo Rationale
144
On a scale of 1 (not at all familiar) to 5 (very familiar), please rate how familiar are you with
alternative business lenders like Biz2Credit, CAN Capital, Kabbage and OnDeck Capital?
Alternative Lenders: Awareness
145
(if 3, 4 or 5 on previous Q) On a scale of 1 (strongly disagree) to 5 (strongly agree), please
rate each of these statements about alternative business lenders:
Alternative Lenders: Perception
146
On a scale of 1 (strongly disagree) to 5 (strongly agree), please rate the following statements:
Bank Perceptions
147
If switching was no problem, which company or kind of company would you most like to do
your business banking with?
Preferred FIs
148
On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception
149
On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception, continued
150
On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception, continued
151
On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception, continued
152
Section 5: Geography
Midwest
20.9%
West
19.7%
South
36.9%
Northeast
22.5%
On a scale of 1 (not at all important / challenging) to 5 (very important / challenging), please
rate each of these business challenges:
Business Challenges
154
Please indicate if you have done any of these bank transactions for your business in the past
12 months: (select all that apply)
Bank Transactions
155
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Access banking information, e.g., account balances
Transaction Preferences
156
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Apply for a loan
Transaction Preferences, continued
157
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Ask about a fee or service charge
Transaction Preferences, continued
158
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Change / update account information
Transaction Preferences, continued
159
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Deposit cash
Transaction Preferences, continued
160
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Deposit checks
Transaction Preferences, continued
161
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Open or close an account
Transaction Preferences, continued
162
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Pay bills
Transaction Preferences, continued
163
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Receive statements
Transaction Preferences, continued
164
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Receive alerts
Transaction Preferences, continued
165
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Report a problem
Transaction Preferences, continued
166
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Send / receive wires
Transaction Preferences, continued
167
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Transfer funds between accounts
Transaction Preferences, continued
168
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Withdraw funds
Transaction Preferences, continued
169
Have you applied for a loan or line of credit for your business in the past three years?
Loan Application
170
(if yes) Who did you apply with? (select all that apply)
Loan Sources
(if yes) Was your loan approved?
Application Approval
171
(if yes) By whom?
On a scale of 1 (very dissatisfied) to 5 (very satisfied), how satisfied were you with the
process?
Loan Application Process
172
Do you plan to apply for a loan or line of credit for your business in the next year?
Lending Outlook
173
(if yes) Who will you apply with? (select all that apply)
Loan Sources
(if no) Why do you not plan to apply for a loan? (select all that apply)
Status Quo Rationale
174
On a scale of 1 (not at all familiar) to 5 (very familiar), please rate how familiar are you with
alternative business lenders like Biz2Credit, CAN Capital, Kabbage and OnDeck Capital?
Alternative Lenders: Awareness
175
(if 3, 4 or 5 on previous Q) On a scale of 1 (strongly disagree) to 5 (strongly agree), please
rate each of these statements about alternative business lenders:
Alternative Lenders: Perception
176
On a scale of 1 (strongly disagree) to 5 (strongly agree), please rate the following statements:
Bank Perceptions
177
If switching was no problem, which company or kind of company would you most like to do
your business banking with?
Preferred FIs
178
On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception
179
On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception, continued
180
On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception, continued
181
On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception, continued
182
Section 6: Industry
PS: (Educational services, Finance & insurance, Health care &
social assistance, Information technology, Management of
companies & enterprises, Professional services)
RW: (Accommodation & food service, Arts, entertainment &
recreation, Real estate, rental & leasing, Retail trade,
Transportation & warehousing, Wholesale Trade)
M: (Construction, Manufacturing, Mining, Scientific &
technical services, Utilities)
Other: (Administrative, support, waste management &
remediation service, Other services (except public
administration)
n=508
40%
29%
19%
12%
On a scale of 1 (not at all important / challenging) to 5 (very important / challenging), please
rate each of these business challenges:
Business Challenges
184
Please indicate if you have done any of these bank transactions for your business in the past
12 months: (select all that apply)
Bank Transactions
185
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Access banking information, e.g., account balances
Transaction Preferences
186
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Apply for a loan
Transaction Preferences, continued
187
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Ask about a fee or service charge
Transaction Preferences, continued
188
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Change / update account information
Transaction Preferences, continued
189
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Deposit cash
Transaction Preferences, continued
190
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Deposit checks
Transaction Preferences, continued
191
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Open or close an account
Transaction Preferences, continued
192
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Pay bills
Transaction Preferences, continued
193
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Receive statements
Transaction Preferences, continued
194
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Receive alerts
Transaction Preferences, continued
195
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Report a problem
Transaction Preferences, continued
196
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Send / receive wires
Transaction Preferences, continued
197
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Transfer funds between accounts
Transaction Preferences, continued
198
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Withdraw funds
Transaction Preferences, continued
199
Have you applied for a loan or line of credit for your business in the past three years?
Loan Application
200
(if yes) Who did you apply with? (select all that apply)
Loan Sources
(if yes) Was your loan approved?
Application Approval
201
(if yes) By whom?
On a scale of 1 (very dissatisfied) to 5 (very satisfied), how satisfied were you with the
process?
Loan Application Process
202
Do you plan to apply for a loan or line of credit for your business in the next year?
Lending Outlook
203
(if yes) Who will you apply with? (select all that apply)
Loan Sources
(if no) Why do you not plan to apply for a loan? (select all that apply)
Status Quo Rationale
204
On a scale of 1 (not at all familiar) to 5 (very familiar), please rate how familiar are you with
alternative business lenders like Biz2Credit, CAN Capital, Kabbage and OnDeck Capital?
Alternative Lenders: Awareness
205
(if 3, 4 or 5 on previous Q) On a scale of 1 (strongly disagree) to 5 (strongly agree), please
rate each of these statements about alternative business lenders:
Alternative Lenders: Perception
206
On a scale of 1 (strongly disagree) to 5 (strongly agree), please rate the following statements:
Bank Perceptions
207
If switching was no problem, which company or kind of company would you most like to do
your business banking with?
Preferred FIs
208
On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception
209
On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception, continued
210
On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception, continued
211
On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception, continued
212
Section 7: Respondent Age
25%
31%
44% Y
M
50+
= 18-34
= 35-49
n= 518
On a scale of 1 (not at all important / challenging) to 5 (very important / challenging), please
rate each of these business challenges:
Business Challenges
214
Please indicate if you have done any of these bank transactions for your business in the past
12 months: (select all that apply)
Bank Transactions
215
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Access banking information, e.g., account balances
Transaction Preferences
216
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Apply for a loan
Transaction Preferences, continued
217
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Ask about a fee or service charge
Transaction Preferences, continued
218
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Change / update account information
Transaction Preferences, continued
219
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Deposit cash
Transaction Preferences, continued
220
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Deposit checks
Transaction Preferences, continued
221
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Open or close an account
Transaction Preferences, continued
222
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Pay bills
Transaction Preferences, continued
223
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Receive statements
Transaction Preferences, continued
224
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Receive alerts
Transaction Preferences, continued
225
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Report a problem
Transaction Preferences, continued
226
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Send / receive wires
Transaction Preferences, continued
227
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Transfer funds between accounts
Transaction Preferences, continued
228
Please select the way you would most like to conduct each of these bank transactions for your
business (select one option in each row): Withdraw funds
Transaction Preferences, continued
229
Have you applied for a loan or line of credit for your business in the past three years?
Loan Application
230
(if yes) Who did you apply with? (select all that apply)
Loan Sources
(if yes) Was your loan approved?
Application Approval
231
(if yes) By whom?
On a scale of 1 (very dissatisfied) to 5 (very satisfied), how satisfied were you with the
process?
Loan Application Process
232
Do you plan to apply for a loan or line of credit for your business in the next year?
Lending Outlook
233
(if yes) Who will you apply with? (select all that apply)
Loan Sources
(if no) Why do you not plan to apply for a loan? (select all that apply)
Status Quo Rationale
234
On a scale of 1 (not at all familiar) to 5 (very familiar), please rate how familiar are you with
alternative business lenders like Biz2Credit, CAN Capital, Kabbage and OnDeck Capital?
Alternative Lenders: Awareness
235
(if 3, 4 or 5 on previous Q) On a scale of 1 (strongly disagree) to 5 (strongly agree), please
rate each of these statements about alternative business lenders:
Alternative Lenders: Perception
236
On a scale of 1 (strongly disagree) to 5 (strongly agree), please rate the following statements:
Bank Perceptions
237
If switching was no problem, which company or kind of company would you most like to do
your business banking with?
Preferred FIs
238
On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception
239
On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception, continued
240
On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception, continued
241
On a scale of 1 (very unfavorable) to 5 (very favorable), how do you feel about each of these
companies?
Bank vs. Nonbank Brand Perception, continued
242