SME banking is at a turning point. Customer demands are shifting, new digital players are targeting unmet meets, and the clever use of tech looks set to decide who’ll dominate the market of the future.
In mapping out a strategy for change, SME banking leaders should consider two challenges:
- How can they confront the threat of nimble, digital-first challengers coming to market with offerings more tailored to SMEs’ needs?
- And can they compete with challengers while laying the foundations for a service model that satisfies a broader need set and generates new sources of revenue?
“Being able to seamlessly connect with your accounting software, update tax returns, access legal advice – this is where most banks say they want to be”
SME executive at a multinational bank