Citizens targets gap between consumer, commercial banking

Citizens Bank is aggressively expanding its business banking division, specifically targeting mid-market companies with annual revenues between $5 million and $50 million. For retailers and service providers, this expansion signals a shift in how traditional banks view the 'gap' between personal and commercial finance. The bank is hiring new teams in major markets like New York, Florida, and California to provide more personalized service to business owners who often feel overlooked by massive national lenders. This move matters for your business because it increases competition among lenders to win your deposits and credit business. Citizens is betting that business owners want a single point of contact for both their personal wealth management and their business operations. If you are a high-volume merchant currently struggling with rigid automated systems at a 'Big Four' bank, this expansion could offer a new opportunity for more flexible credit lines or specialized merchant service arrangements. The bank is also investing heavily in mobile and digital platforms to make day-to-day cash management faster for operators who aren't sitting at a desk all day.

Source: Banking Dive

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