While it has stunted the progress of many businesses and industries across the globe, the pandemic has had the opposite effect on the ‘digital reset’ in SME banking, triggering an opportunity for banks to seize the initiative to add real value to business owners in their time of need.
“SME banking is a very underserved market and there’s still not enough differentiation,”says Jayne Wickins, Head of UK Banking at Microsoft. In Wickins’ view, now is the time for banks to be embracing the unprecedented level of interoperability and the access to new data to “drive new opportunities, new capabilities and new partnerships.
”Views such as these from Maheshwari and Wickins are detailed in a new report from MoneyLIVE titled SME Banking:The Age of Open-Innovation. It’s an in-depth look at the state of SME banking and what needs to be done to help small business not just navigate these turbulent times but capture new opportunities.
Just some of the areas the report covers include:
- Open innovation opportunities
- Adding value through integration
- Data-driven propositions
- Platforms and ecosystems
Featuring insights from key industry figures, the report is essential reading for banks looking to reframe the SME banking relationship, embrace Cloud to cut costs and better serve customers, as well as maintain competitiveness among the rising wave of new innovators.
“COVID-19 has accelerated an inevitable digital reset by up to five or six years,” says Andrew Wright, Senior Client Partner at Publicis Sapient. “Everyone will have to up their game.”