The article discusses how Citizens Bank is enhancing its offerings for small and medium-sized businesses (SMBs) by integrating value-added services, specifically focusing on payroll solutions. With the highest adoption rate of 71% in embedded finance, payroll services are becoming essential for helping banks remain competitive and fulfill the diverse needs of SMBs. Leaders Mark Valentino and Tyra Hall emphasize a shift from transactional banking to a more proactive, services-oriented approach that prioritizes customer experience. Their strategy includes strengthening partnerships and leveraging technology to forge robust solutions for evolving SMB demands.
Payroll has emerged with the highest adoption rate at 71% across embedded finance categories, according to Tidemark Capital's Benchmark Report.
Both Valentino and Hall provide a strategic overview and practical examples - melding the worlds of business banking and payments together to forge a powerful narrative about how Citizens is evolving to meet the changing expectations of small business owners.
The right embedded payroll partner can help your institution be more competitive with SMBs, meet strategic goals, and reduce customer churn.
Banks need to go further and think of their digital footprint as a launching pad for SMB owners by adding value-added services.
#embedded-finance #payroll-services #small-business-banking #customer-experience #value-added-services
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