How banks can empower small businesses: A four-step value add use case with BaseKit
In 2024, as small businesses increasingly seek personalised, digital-first banking solutions and tools that help them run their business, banks are facing several challenges in attracting and retaining small business customers. There’s competition from fintechs offering faster, more flexible services, and economic pressures are making it harder for banks to offer competitive pricing and innovative solutions, leading to potential customer attrition.
In recent months, BaseKit site builder, e-commerce and bookings software has been sought-after by banks looking for software designed for small business customers who don’t have any experience with web design or coding. Banks are searching for an intuitive drag and drop page builder and e-commerce store that is super simple to use straight out of the box, meaning it can be the ideal value added service to increase customer retention.
With over sixty partners offering our robust, secure and fully self-contained platform to millions of small business customers around the world already, our software came out on top of the competition not just because it was a simple product, but a secure offering that could be integrated and scaled quickly.
Here’s a four step use case banks and fintechs could use to position BaseKit as a value added service for their small business customers:
1. Customer applies for business bank account
– The small business owner begins by visiting the bank’s website or app to apply for a business bank account. They fill in their business details, such as business name, tax ID (EIN), proof of registration, and personal identification information.
– The application process is smooth, with the customer able to upload any necessary documents and provide key business details seamlessly through an intuitive interface.
2. Customer asked: “Ready to take your new business online?”
– Once the bank account is confirmed, the customer is greeted with a congratulatory message in the bank’s digital portal or app, asking, “Ready to take your new business online?”
– This call-to-action introduces the idea that the customer can quickly build their business’s online presence through an easy-to-use website builder, with a branded experience that aligns with the bank’s core offering.
3. Customer is seamlessly redirected to website builder and e-commerce platform
– The customer clicks the prompt and is seamlessly redirected to the bank’s branded website builder, e-commerce and appointments platform. It’s a white-label solution powered by BaseKit but branded entirely as the bank’s product for consistency, familiarity and trust.
– Here, the customer can create a business website on their desktop or mobile phone, using customisable templates tailored for small businesses. The process is simple and intuitive, offering drag-and-drop functionality for ease of use.
– The platform also integrates e-commerce and appointments features, allowing the business owner to set up an online store in five simple steps, sync their calendar for bookings and payments, manage inventory, and configure payment gateways. They can also linktheir newly opened bank account for direct deposits and easy reconciliation.
– If the customer chooses not to click straight away, they are contacted by their chosen communication with details of what to do to create a website when they are ready.
4. Customer redirected to digital toolbox for further support
– After completing the initial setup of their website and or e-commerce store, the customer is directed to a digital toolbox, a hub filled with additional resources and tools to help grow their business.
This toolbox might include:
– Marketing tools (e.g., email marketing, social media management)
– Accounting and invoicing software that integrates with the bank account for streamlined financial management
– Analytics tools to track website performance, customer engagement, and sales
– Tutorials, webinars, and guides on small business growth strategies, digital marketing, and using the website builder to its full potential.
The banks we’re talking to aim to become a one stop shop for their small business customers with the help of our white label site builder, e-commerce and bookings software.