Beyond Personal Banking: Meeting Customers Where Entrepreneurship Begins 

As part of a series of ProSight articles on how financial institutions can better serve Gen Z consumers and the growing population of side hustlers and entrepreneurs, this Q&A explores the evolving intersection of consumer and business banking. With more people launching small ventures, developing multiple income streams, and testing business ideas alongside traditional employment, banks have an opportunity to identify these emerging entrepreneurs earlier and support their growth. Here, Manny Tocco, Head of Business Banking Sales at Citizens Bank, discusses how analytics, personalized outreach, and trusted guidance can help financial institutions build lasting relationships with the next generation of business owners. 

PROSIGHT: What is the latest or best methodology for banks to identify personal account customers who may be operating side or small businesses? Is AI helpful in this process, and if so how? 

TOCCO: One of the biggest opportunities for traditional financial institutions is recognizing that some customers are already operating businesses through their consumer accounts. By using analytics to identify evolving customer needs and introducing relevant business banking solutions through personalized marketing and outreach, Citizens is continuing to enhance its analytics capabilities to identify those opportunities and introduce business banking solutions through tailored marketing and invitations to apply. These customers are most prevalent in the micro and SMB segment. 

With the number of people, Gen Z or otherwise, involved in side hustles and small or microbusinesses so high, is it fair to say that it’s more important than ever for financial institutions to identify and serve such people? If so, why? Is it also fair to say it is easier than ever to do so? 

Existing customers remain a key focus, although net-new acquisition in the smaller business banking segments is a major strategic priority. Deepening relationships through personalized insights and integrated services brings significant value in identifying customers whose financial needs are evolving from personal to business banking. 

Historically, business banking focused on established companies. There is an opportunity for banks to identify emerging businesses earlier and support customers as they transition from personal banking needs to more sophisticated business banking relationships. 

What starts as a side hustle today can become tomorrow’s small business. Many entrepreneurs begin by generating supplemental income or testing a business idea before deciding whether to scale. It’s increasingly important for banks to identify and support customers early in their entrepreneurial journey rather than waiting until they’re fully established. 

 Ideally, a financial institution markets to personal account customers who are developing businesses in the way that appeals to them based on whichever generation they are in. But that means having different playbooks for several different groups. How difficult is that? What are some strategies to make that manageable? Is it something that has always been done, at least by some industries? Can AI help with such efforts? 

Gen Z is increasingly viewing work as a “portfolio of careers” rather than a single career path. Many are pursuing multiple income streams that provide flexibility, fulfillment, and financial opportunity. Technology has dramatically lowered the barriers to entrepreneurship, making it easier than ever to launch a business, monetize a skill, or pursue a passion project alongside a traditional job. At the same time, many young adults came of age during periods of economic uncertainty, which has influenced how they think about financial success, career stability, and work-life balance. 

How can banks make sure they are marketing business accounts and services properly to different generations?  

Younger customers are generally more comfortable using digital tools, but that does not eliminate the need for in-person, human guidance. What we’re seeing is that customers increasingly expect both: seamless digital capabilities for day-to-day banking and access to people when advice or more complex conversations are needed. Even among younger generations, physical branches and in-person experiences continue to have value. 

Successful institutions combine digital tools with access to expertise and advice when customers are making important financial decisions. 

Is it possible that someone with a side hustle or small business might qualify for more financing if their financial institution were aware of that extra income? If so, what are the implications and opportunities for banks? 

Yes. Many small businesses may reach a point where their financing needs go beyond what a personal account can support. For banks, the key opportunity is to identify those customers earlier and connect them with the right business banking tools. That could include digital account opening that lets customers self-serve, a digitized small-business lending application that enables near-instant credit decisions, and access to business banking capabilities—including dedicated relationship managers—when customers are ready for more support. 

How much of marketing has to do with instilling trust in addition to explaining how an FI can help a business? 

Trust is critical because many entrepreneurs are looking for more than products. Citizens research found that 78% of young adults want their bank’s help beyond saving and spending. They are looking for guidance, financial education, funding solutions, and tools that help them navigate the journey from idea to growth. Banks that position themselves as partners rather than providers are often better positioned to build lasting relationships. 

Is how you build trust—and message you can be trusted—different depending on the generation you are trying to reach? If so, how? 

While the fundamentals of trust remain consistent, different generations may prioritize different experiences. Younger entrepreneurs often look for flexibility, accessibility, and ease of use alongside expert guidance. Many are launching businesses for the first time and want confidence that they have access to both digital tools and knowledgeable advisors who can help them grow. 

How can financial institutions and their personal account customers who are pursuing businesses both benefit if the customers have the proper business accounts and services? 

Entrepreneurs’ needs evolve over time. Banks can support them through a combination of personalized insights, integrated services, business banking capabilities, and lending solutions. This is an opportunity to help customers access products and services designed for business needs as they grow, thus deepening their relationship with the bank. 

Why is the impact of Gen Z on the banking space so noteworthy/commented upon—both overall and in terms of funding this cohort as they set out as entrepreneurs?  

Gen Z is reshaping traditional definitions of work, career progression, and entrepreneurship. Citizens’ research found that two-thirds of young adults have pursued some form of entrepreneurial venture, while nearly one-quarter currently maintain a side hustle in addition to a primary job. At the same time, technology has lowered barriers to starting a business and many young adults are actively seeking ownership, flexibility, and autonomy. As these entrepreneurs launch and grow businesses, banks have an opportunity to provide funding, guidance, banking tools, and advisory support throughout their journey.