What you need to know

The small business segment is changing rapidly, as an increasing percentage of small businesses are owned by women and minorities. They have a different perspective when it comes to banking and their banking needs, and banks will have to adapt to these needs if they expect to get and retain the business. Millennials, too, are more likely than ever to own small businesses and, as on the consumer banking side, are driving changes in business banking.

Definition

For the purposes of this report, Mintel defines a small business as one with fewer than 100 employees. Revenue has no relevance.

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