Small business is in a digital crisis and financial institutions could be their hero

This is an article about portfolio company, Autobooks.

It’s no secret that the pandemic has put an extraordinary strain on small businesses. Primarily, it’s growing pains. Small businesses were forced to grow into digital enterprises essentially overnight. Accepting online payments and facilitating sales digitally switched from niceties to necessities. According to McKinsey & Company, the global average share of digital customer interactions increased from 36% to 58% between December 2019 and July 2020. This signifies an incredible acceleration in digitalization. And many of these changes are probably here to stay. In the same report, “changing customer needs or expectations” was considered the most likely change that will stick around through the recovery. As a result, small businesses are looking to make lasting changes to their operating models.

View source version on tearsheet.co: https://tearsheet.co/sponsored-by-autobooks/small-business-is-in-a-digital-crisis-and-financial-institutions-could-be-their-hero/