Payroll has one of the highest adoption rates in embedded finance. A suitable payroll partner aids institutions in being competitive with SMBs while addressing strategic goals and reducing customer churn. The traditional banking model has shifted, requiring banks to become operational partners to understand the unique needs of SMB clients. KeyBank exemplifies this shift, focusing on client-centered strategies and creating integrated service ecosystems that enhance business operational efficiency through a comprehensive understanding of clients' financial flows.
"The traditional banking model for small and medium-sized businesses has reached an inflection point... banks are evolving recognizing that their SMB clients need operational partners who understand the unique challenges of running a business."
"We try to center the client in every decision we make... our clients in the small business space are unique. We use the term owner-operator at KeyBank and we use it very intentionally..."
#embedded-payroll #smb-banking #client-centered-banking #operational-partnerships #financial-services
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