Banks are no longer the only providers of financial products to SMEs, but they risk falling behind if they don't meet SMEs' actual needs.
Following our recent global research, SMEs are feeling neglected by banks, with nearly half of them (47%) believing that banks don't understand their challenges, and only a small fraction (9%) feeling that their needs are fully met.
To gain a competitive advantage, banks must align their offerings with the lifecycle of SMEs and deliver personalized and value-added solutions that not only meet but surpass SMEs' expectations. This requires a shift from a product-centric to a client-centric approach and prioritize speed-to-market as much as the quality of the services provided. We see that global leaders embrace external solutions, personalize services, and build ecosystems that go beyond banking. Adaptation, agility, and customer-centricity are crucial for banks to thrive in the changing financial landscape.
Join our September’s SME Banking Community gathering to not only learn from winners of best SME Banks in 2023, but as well to contribute yourself in shaping the ideal value proposition for SMEs.
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