Cyber IT Supervisory Forum eBook

the state of small business in the U.S., cont’d • SMBs are an attractive and fast-growing market • ~$130B annual revenue pool in the US (Celent) • 4.6x deposit balance compared to consumer deposits • Shifting SMB demands/behavior/preferences: • Growing expectations set by nonbank providers • Small businesses are increasingly using apps and demanding that their banking services providers connect with their apps and provide on par or superior customer experiences and journeys. • Over the past 5 years, an average of 4.7M businesses have been started every year. • According to data from the US Census Bureau, the nearly 5.5M small businesses started in 2023 is the highest number on record.

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