Bank of America: A High-Tech, High-Touch Approach to Small Business Banking
We’ve asked some of our #SFSBW2018 sponsors to share their insights, and how they help small business flourish in San Francisco.
Today we hear from Emily Shanks, Small Business Division Executive at Bank of America.
Our purpose is to help make financial lives better, through the power of every connection.
Bank of America‘s high-tech, high-touch approach provides industry leading guidance, connections, tools and solutions, along with the dedicated support to address small business owners’ unique needs to bank how, where and when they want. Our small business specialists provide banking, credit and cash management solutions for our small business clients.
Our Small Business group, including our Practice Solutions team, primarily focuses on businesses with up to $5 million in annual sales. Small business expertise is accessible through more than 2,000 small business specialists, 4,500 financial centers, 16,000 ATMs and top-ranked digital business banking solutions.
Bank of America serves small business owners in San Francisco and across the country through what we call Bank of America Business Advantage. The name Business Advantage reflects our commitment to meet your evolving needs, giving small business owners a competitive advantage – with people, technology and solutions that help you achieve smart growth that lasts. Our Business Advantage comes to life across California through:
According to the spring 2018 Bank of America Small Business Owner Report, we found some of the highest levels of optimism among U.S. entrepreneurs since we began surveying them in 2012. Confidence in the economy, both at the national and local levels, is the highest it’s been since 2015. Some of this optimism may be due in part to recent changes made to the U.S. tax law, which many entrepreneurs in our survey described as a “game-changer.” The majority say they plan to invest tax savings back into their business, including to expand operations, and reward and hire employees.
We also looked at how digital and other emerging technologies are disrupting, the small business landscape. We found that nearly all small businesses currently manage some aspect of their business on their smartphone. Digital
payment adoption is moving full steam ahead, with most entrepreneurs believing that the conversion to cashless will happen within the next five years. Other technologies – such as the Internet of Things, data analytics, 3D printing and even Artificial Intelligence – are set to transform the future of small business, with nearly half of entrepreneurs reporting they are using or currently exploring one such technology.
Bank of America Small Business Bankers pride themselves on getting to know their clients’ businesses intimately. In particular, where a small business is in its life cycle is critical to be able to know what makes it tick and what solutions make the most sense for each individual client. We hear stories every week from clients here in San Francisco who have been positively affected by that personal touch and depth of understanding. Stop by and see a Bank of America Small Business Banker today, and they can tell you all about it.
Determine your business’s highest priorities and meet early and often with a small business banker for advice. A skilled banker will guide you throughout the life cycle of your business and can show you the best way to get access to capital and solutions designed to make your financial lives easier.