2017 PACE REPORT

The 2017 PACE Report provides meaningful, actionable insights for becoming and remaining your customers' first choice in financial institutions.

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  • U.S. Small-Midsize Business
  • U.S. Consumer
  • U.S. Community Consumer
  • United Kingdom
  • Germany
  • India
  • Australia
  • Brazil
  • Thailand
  • Canada
  • Global
Country Reports

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Each report reflects country-specific research to provide better insight into what local consumers want. Choose your country of interest:
Global

USA

For the US market, we have created three meaningful, actionable reports for becoming and remaining the first choice for your customers' financial services. Please select the relevant report below.

  • USA-CONSUMER
  • UNITED KINGDOM
  • AUSTRALIA
  • GERMANY
  • INDIA
  • BRAZIL
  • THAILAND
  • CANADA
  • GLOBAL

U.S. Small-Midsize Business

SMBs demand digital banking solutions and they're switching banks to get them.

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Small-midsized businesses (SMBs) are switching banks with increasing frequency due to concerns over pricing and the lack of modern products and services. Community banks and credit unions are the most at risk of losing customers.

SMB adoption of mobile P2P payments is outpacing the customer market.

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It's clear that person-to-person (P2P) payments are very important to SMBs, which regularly use these apps to pay vendors and suppliers. The data also reveals that a shocking number of SMBs use non-bank financial apps to pay vendors and suppliers, suggesting an unmet need with their primary banks mobile apps.

US SMB Chart 1

Mobile is an urgent pain point for smaller banks targeting SMBs.

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U.S SMB Chart2

Mobile banking has gone mainstream, but community banks lag badly in penetrating their customer bases with mobile banking apps. What's more, all banks must strive to provide business customers with mobile banking apps that enable a wide range of transactions.

Expect to see more SMBs switch primary banks in the coming year.

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All the PACE data indicates a clear reckoning is afoot for the SMB banking sector. Many SMBs, especially younger ones, are actively considering making a switch for better pricing and digital services. In fact, PACE found that 48% of SMBs switching banks cited a lack of desired products or services.

U.S SMB chart 3

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