The five maturity levels of SME Banking: A journey from digital transformation to disruption

in partnership with

VeriPark

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VeriPark is a global solutions provider enabling financial institutions to become digital leaders by placing Customer...

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SME Banking
15/06/2023 Study

“In the dynamic world of SME banking, customer expectations are constantly evolving. At VeriPark, we envision a future where banks can proactively anticipate and meet the unique needs of SMEs. By harnessing the power of technology and data-driven insights, we are driving innovation in the industry, enabling banks to deliver tailored solutions, personalized experiences, and foster long-term relationships with their SME clients.”

Özkan Erener, CEO, VeriPark

The SME market has been underserved by banks for too long. Forming the backbone of the country’s economy, SMEs represent the vast majority of all businesses, and employ half of the global workforce – yet our research has found that they receive less than a quarter of all bank lending. Additionally, over the years, the SME banking segment has benefited from research and innovation from global fintechs, but the adoption of such mature practices in mainstream banking has been slow. 

It’s time for this to change. 

New entrants in financial services have demonstrated that, with the right technology, they can deliver on the needs of SMEs and still turn a very healthy profit. Traditional banks have an opportunity to do the same – and this report aims to demonstrate exactly how. 

In the pages that follow, you’ll find a capability standard to not only help you analyze your current level of SME banking maturity, but to also help you strategically plan for your next leap in progress. We’ll provide you with details of the characteristics and practices you need to track your growth and advance your SME capabilities – and we’ll bring these to life with best-practice examples of how pioneers are achieving success. 

Establishing the model has been a complex process. A team of experts from VeriPark and Qorus, along with a steering committee comprising SME banking executives from across the globe, came together to study six key dimensions of the SME segment and rate them across a scale of five levels of maturity. After countless hours of discussion and deliberation, we finally arrived at a model which, we believe, is best in class and will benefit banks around the world. 

As you can see, there’s a lot to think about. However, the good news is, that with a resource like this, you are far more likely to make tangible progress. 

We hope you find it useful. 

Download the full report

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