By Jonathan Phillips - May 17, 2022
Health insurance: the impact of COVID-19 on health services
The last few years have had a tremendous impact on
There are more than 25 million SMEs in the EU, accounting for 65% of the private-sector employment, according to Eurostat. Last year’s crisis brought a major threat to the viability of SMEs, the International Monetary Fund (IMF) shows.
“During a crisis such as COVID-19, SMEs’ dependence on bank financing and the inability to raise other sources of funds at short notice can turn a liquidity shortage into a solvency problem”, says IMF.
In short, “SMEs’ cash flow is their lifeblood”, as Ed Herman, Global FSI Leader at Microsoft pointed out in a recent FintechOS webinar on the topic of SME lending.
Does Herman’s statement reflect the status quo? Here’s the reality-check:
Hence, one question arises: how can SME’s access to finance be improved?
We have one word for this: technology.
FintechOS will reveal a 3-step strategy for a future-fit SME Financing approach during the Amsterdam Fintech Week event, where we will host a live session on this topic on June 8th .
Session: The SME Financing Challenge: How to Use Technology to Improve Access to Finance
Date & time: June 8th, 10.00-10.30 AM CET
Speaker: Catalin Dediu, VP of Product Management, FintechOS
To watch this session, please register using this link. Below you can find some highlights of the key note speech by Catalin Dediu, Vice President of Product Management at FintechOS:
• The current state of SME banking; key trends and drivers;
• Why SMEs are dramatically underserved by banks;
• How banks can improve access to finance for SMEs:
– Personalization
– Automation
– Ecosystems and value-added services
• How the right technology can enable banks to better support SMEs.
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MAIN PHOTO Credit: Unsplash
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Amsterdam Fintech Week (XFW) gathers all stakeholders and players active in the ecosystem of digital finance. The goal is to connect players within the European Fintech space and to involve key stakeholders to participate. You can check out the agenda and register here.
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For more findings on this industry, ➡️download our whitepaper “Seize the Moment: How Data and Tech Can Bring an SME Lending Surge for Bank”: https://fintechos.com/whitepaper/sme-lending-how-data-and-tech-can-bring-a-surge-for-banks/
On the same topic➡️ https://bit.ly/2z0FpGT.
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Related articles:
What’s Gone Wrong with Traditional SME Lending – And How to Fix It
SME Banking: Weathering the Storm
SME Banks Need to Act Fast: Responding to The Wave of Newcomers
Cov-19 Response: Banks will have to rise to new digital expectations
What’s Gone Wrong with Traditional SME Banking
How to Unlock the Potential of SMEs