Banks rethink RM roles to boost SME business

Many banks are changing how they support RMs by aligning digital tools, simplifying workflows, and giving them greater opportunity to build strong client relationships.

Banks have invested heavily in digital technologies to grow their SME revenues. But their gains have often been disappointing. Digital systems intended to help relationship managers (RMs) have instead added complexity and hampered efforts to serve SME clients.

Now many banks are working to improve the effectiveness of their SME outreach by striking a better balance between digital tools and human expertise. They are rethinking how to support RMs, simplifying their work, and giving them more scope to build strong client relationships. 

The shift will require banks to overcome the limits of their legacy infrastructure and reverse the shortfalls of earlier attempts to strengthen RM performance. Many RMs currently have to contend with digital systems that are fragmented, misaligned, and lack integration with their bank’s core data systems. This results in inefficient workflows, incomplete understanding of client needs, and missed revenue opportunities. 

The proliferation of digital systems and their lack of integration is the biggest challenge facing RMs, according to banking executives polled by Qorus. Lack of time for RMs to engage deeply with clients is next.