Small businesses turn to nonbanks for banking services

04/8/2011 | AmericanBanker.com (free registration)

Jeremy Pyles, an entrepreneur with a rapidly growing hand-blown-glass lighting business, switched from Bank of America to Bill.com, a nonbank, for his business banking services in 2008. Pyles is an example of a group of small-business owners who have made the switch after finding traditional banks' services lacking. "So many financial institutions say they have a small-business service, but for the most part that is not true," said Jacob Jegher, a senior analyst at Celent. "There are all these different services cropping up online by nonbanks in the financial services space serving small-business needs."

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