December 2020

Banking for SMEs: hidden opportunities for growth

Is any of your customers a small or medium enterprise? Read the article and explore the new opportunities offered by digital banking platforms for corporate customers.

Small and Medium Enterprises (SMEs) account for up to 99% of all the companies in Europe. Even though this group is diverse, its every single member has only one goal: to manage their finances from one app fulfilling all their needs. Still, only 30% of SMEs turn to their banks for help in this matter. In the same time, 70% of the are looking elsewhere (1). However, this trend can easily be changed to bank’s advantage.

Customers’ expectations vs reality

In the world of financial services SMEs are often misunderstood. The banks find it hard to accept that face-to-face contact is no longer compulsory for entrepreneurs. In the same time, businesses expect financial institutions to offer them a wide range of personalized solutions reflecting their everyday needs. Thus, customers are willing to use innovative features, such as digital onboarding and video chats. As a result, the need for omnichannel and multiproduct personal platforms is growing. In the same time, they are still rarely seen in the banks.

Immediate access to all the necessary information is another factor that seems to be omitted in banking industry. Modern SMEs are used to browsing offers and data whenever and wherever they want. The banks, however, do not give them such an opportunity. Providing the businesses with up-to-date information about credit exposure and other related offers should be a standard by now. The same applies to tracking payment status. Still, looking at the current state of digital banking, it may seem to be a very distant future.

Complex app for comprehensive service

The future will surprise banking industry faster than we think. Corporate and Business Banking Platform is a part of what is to come. This tool was made to unify all the financial processes and provide the customers with comprehensive services wherever they are. What is more, it includes an automation of business processes. It allows banks to create one, seamless workplace for all its employees, regardless of fragmentation of all the backend systems.

Corporate and Business Banking Platform includes a variety of solutions. They were all designed to meet the expectations of all the customers, whatever they may wish for. That is because this tool includes:

  1. Omnichannel and channels aggregation. A feature that allows SMEs to resolve their inquiries through various channels. This solution simplifies switching between them with no additional procedures. In the same time, it enhances customer journey from a start to finish, making it easier and more pleasant.
  2. LiveBank Communication Bus. A tool that makes remote customer service easier than ever before. It includes Relationship Managers: a module capable of serving multiple demand channels in a single UI. It also features a history of conversations shared across all the available channels. A perfect solution for strengthening the bond with SMEs and providing them with new commercial offers.
  3. Integration, optimization, and automation. Everything a customer need to successfully complete their journey with a banking product. Thanks to those features, the platform fosters the capabilities to offer end to end process. They are embedded in LiveBank to enable to easily follow define steps.

The wind of change in banking industry

Introduction of remote banking apps may seem like a revolution. It is, however, a part of natural and irreversible change that is expected and encouraged by all SMEs. It will also be beneficial for financial institutions. It can result in a sharp rise in sales that will be more accessible than ever before. But how can it be achieved?

Primarily, the use of digital channels helps financial institutions improve their reliability. Such platforms are available wherever and whenever they are needed. Thus, entrepreneurs can access and manage their accounts regardless of the circumstances.

Digital onboarding also plays a pivotal role in this process. The demand for this service is growing, reflecting the need for convenient banking among SMEs. This vital part of customer journey has an enormous impact on the perception of the entire sales process. Thanks to Corporate and Business Banking Platform, this feature can offer a variety of tools, including human assistance, for customers’ convenience. At the same time, it applies local AML (Anty Money Laundering) regulations, securing bank’s interest.

What is more, the introduction of this platform will certainly result in a significant improvement of entire service processes. It can be faster, simpler, and more convenient. That can result in increased customer satisfaction and their willingness to come back to the same institution for other products.


Sources:

  1. Banking Circle report “BOUNCE-BACK BANKING 5 markers for success in delivering SME financial services”, November 2020

 

Any questions?

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Agnieszka Piróg

Business & Product Development Manager +48 506 967 166

    Ailleron

    43B Jana Pawła II Avenue
    Podium Park II Building
    31-864 Cracow, Poland