Best-Practice Guide for Converting Consumer Accounts

This guide outlines strategies for financial institutions to identify and convert consumer accounts that are being used as business accounts. It emphasizes the importance of recognizing small- to medium-sized businesses (SMBs) that may be operating under the radar. The document details methods for mining data to uncover these accounts, including analyzing deposit and payment patterns that indicate business activity. It also discusses the potential revenue opportunities for financial institutions by cross-selling business accounts and services to these SMBs. The guide highlights the necessity of a comprehensive technology ecosystem to support the needs of SMBs, ensuring that financial institutions can effectively engage and retain these clients. Additionally, it addresses the broader implications of supporting SMB growth for the community and the financial institution itself, presenting a win-win scenario for all parties involved.