CLEVELAND, June 19, 2019 /PRNewswire/ -- KeyBank has
launched the Small Business Wellness Index, which measures the
drivers, challenges, payment trends and financing needs of small
business owners across the country. Data is drawn from KeyBank's
proprietary Small Business Wellness Review, a first-of-its-kind
program driven by artificial intelligence, which guides small
business owners through a comprehensive conversation about their
business to identify their needs and offers industry-specific
guidance and customized cash flow recommendations.
"Not only does the AI-driven program supply business owners with
the industry intel they need to stay competitive, it also helps us
better understand our clients and offer personalized expertise,"
said Kip Clarke, head of KeyBank's
Business Banking.
Since launching the Small Business Wellness Review in 2018,
KeyBank has taken the pulse of more than 38,000 American small
business owners across the bank's 15-state footprint. The data
provides a real-time perspective on small business sentiment and
behaviors in the United
States.
"With this significant critical mass of data, we have the unique
opportunity to spot macro trends among small business owners that
will offer meaningful insights and inform a more holistic banking
experience in today's digital-first world," continued Clarke.
Top Findings from KeyBank's Small Business
Wellness® Index
The first Small Business Wellness Index from KeyBank, to be
released on a quarterly basis, analyzed responses from more than
38,000 small business owners and found that cash flow is the top
challenge for small businesses in Q1 2019, but business owners
remain passionate and resilient. Top findings include:
- An entrepreneurial spirit drove most owners to
start their own small business, with respondents saying they
wanted to be their own boss (21 percent), were motivated by passion
for their business (20 percent) or by their entrepreneurial spirit
(16 percent).
- Money concerns rise to the top of small business
challenges—with cash flow (43 percent), operating costs (24
percent) and financial control (14 percent) remaining the biggest
challenge for small businesses owners across all markets and
company ages in Q1 2019, aligning with business owner responses in
Q3-Q4 2018.
- More than half (51 percent) of small businesses say they
have financing needs to keep their businesses operating,
including increasing working capital (16 percent), purchasing
equipment, vehicles or inventory (13 percent), as well as expanding
products, services or locations (12 percent).
For more information about KeyBank's Small Business Wellness
Index, please visit:
https://www.key.com/small-business/banking/financial-wellness/index.jsp
About KeyCorp
KeyCorp's (NYSE: KEY) roots
trace back 190 years to Albany, New
York. Headquartered in Cleveland,
Ohio, Key is one of the nation's largest bank-based
financial services companies, with assets of approximately
$141.5 billion at March 31, 2019. Key provides deposit, lending,
cash management, and investment services to individuals and
businesses in 15 states under the name KeyBank National Association
through a network of over 1,100 branches and more than 1,500 ATMs.
Key also provides a broad range of sophisticated corporate and
investment banking products, such as merger and acquisition advice,
public and private debt and equity, syndications and derivatives to
middle market companies in selected industries throughout
the United States under the
KeyBanc Capital Markets trade name. For more information, visit
https://www.key.com/. KeyBank is Member FDIC.
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SOURCE KeyCorp