Reinventing financial services for SMEs: Wio Bank

SME Banking
26/04/2023 Interview
profile picture of Jayesh Patel

Jayesh Patel

Wio Bank

Chief Executive Officer

We often read that the offers of traditional banks are not adapted enough to SMEs. So, we set out to discover new players dedicated to SMEs. Jayesh Patel, Chief Executive Officer at Wio Bank, gives us his point of view and shares with us what Wio Bank offers its customers.

In which countries do you operate and how do you perceive the banking offer to SMEs there? In your opinion, does the offer from existing financial institutions meet the needs of SMEs?

The UAE is a heavily banked market with over 50 banks serving a population of 10 million and some 400,000 private sector businesses. The industry is dominated by a set of long-established traditional banks. But banking ubiquity doesn’t necessarily mean customer happiness. Most of the banks continue to have archaic processes and legacy systems. While a handful of digital banks have been launched by incumbents, they are still dependent on the parent bank’s policies, people and infrastructure, thus limiting their ability to truly disrupt the market. 

Wio is the first platform bank in the Middle East region, built as a greenfield project to revolutionize the banking sector with three main capabilities:

 Digital banking apps that are easy, enabling and empowering – your everyday digital banking app with a seamless intuitive experience.

 Embedded finance solutions – Wio will be providing banking services in the apps customers use every day without them needing to switch to the banking app. 

• BaaS capabilities that allow non-banking apps to integrate Wio’s banking services and provide it to their customers. 

Wio has been created with an ambition to contribute to the UAE’s digital vision by creating a robust digital financial system and building disruptive solutions. Wio leverages the strength of its shareholders and the management team who have successfully launched digital banks in the past. This is evidenced by Wio launching the platform in just 17 months! 

The first disruption that Wio has made is with the launch of a digital banking product for businesses. Through rigorous market and customer research, we identified core gaps in financial support faced by SMEs, who are vital to the economic growth of the nation. This led to the decision to prioritize the launch of Wio Business, a tailor-made SME application, providing a convenient and seamless banking experience.

Want to keep reading?

Create a web account to get access to more insights

Related news & insights

Digital Reinvention
30/11/2023 News

ANZ revolutionizes home lending with ANZ Plus digital platform

In a significant move towards modernizing the home lending process, ANZ has introduced the ANZ Plus digital home loan, now...

Digital Reinvention
30/11/2023 News

BMO sweeps global awards with NewStart digital banking program

BMO, the Bank of Montreal, has secured top honors on the global stage with its groundbreaking NewStart Pre-Arrival Account Opening...

Insurance
30/11/2023 News

MAPFRE and Cyberwrite: Transforming SME cyber protection with AI

In a transformative partnership, MAPFRE, a leading Spanish insurer, has teamed up with Cyberwrite to enhance cybersecurity for small and...

29/11/2023 News

Bendigo Bank breaks ground with launch of Bendigo Bank broker

In a strategic move towards expanding its presence in the broker market, Bendigo Bank has officially launched Bendigo Bank Broker,...

Insurance
29/11/2023 News

Matmut teams up with Earnix for advanced pricing strategies

Matmut, a key player in the French insurance landscape, has entered into a strategic partnership with Earnix, a global provider...

Digital Reinvention
28/11/2023 Study

Innovation Radar: Reinvention Awards Asia Pacific winners 2023

Discover the most innovative projects from banks and insurance companies in the Asia Pacific region.

SME Banking
27/11/2023 News

Qorus and the path to resilient smallholder farming

I want to emphasize the importance of financial institutions uniting to empower both smallholder farmers and agribusinesses.

Digital Reinvention
27/11/2023 Video

Keeping the dream alive: Banking innovation 2023 trends

During the ceremony of the Qorus-Accenture Banking Innovation Awards 2023, Antonio Coppolecchia, Financial Services Lead EMEA at Accenture Song, presents...