Small businesses make up 85% of the U.S. economy, 64% of American jobs, yet are historically underserved and forgotten by traditional banks. At NorthOne, our mission is to give these small businesses the banking experience they deserve – to streamline the typically arduous, day-to-day financial tasks and remove their barriers to financial success.
(NorthOne is a financial technology company, not a bank. Banking services are provided by The Bancorp Bank, Member FDIC.)
The first step to truly serving our customers is to listen to them. So we have conducted a virtual survey of our small business owner community and are happy to share the results. We asked a range of questions related to their business, including how the onset of COVID-19 impacted their revenue and why they chose to switch to NorthOne. As a result, we unearthed some interesting findings combined with other stats our team uncovered about small business owners.
- 33% of small business owners went straight to work after high school (source)
- 51% of small business owners are aged 55-88 (source)
- 71% of small business owners are first-time business owners (NorthOne survey)
- 66% of small businesses are family owned (NorthOne survey)
- 37% of small business owners reported revenue loss during COVID (NorthOne survey)
- 48% of small business owners have already started using a digital banking app because of better mobile experience (NorthOne survey)
NorthOne’s recent updates were made as a direct response to customer feedback, with the ultimate goal of making their banking experience effortless, reliable and secure. What The Bancorp Bank’s other leading partners have done for consumers, NorthOne will now be able to do for American small businesses by integrating with one of the top banking and technical infrastructure partners in the industry and building products that suit the specific needs of our core customers.
“I love how easy it is to just open the NorthOne app and manage my business,” says small business owner Patricia K. from California. “No matter where I am, I always know what’s going on with my money.”
We built NorthOne specifically for small business owners, who deserve a frictionless way to run their business. Apply for an account today at NorthOne.
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