Trends Report

Disruptors And Some Incumbents Assemble Superior Experiences For SMEs In Open Banking

January 20th, 2020

Summary

Small and midsize enterprises (SMEs) are looking for a provider that will help them with all their banking needs and provide consumer-grade experiences. Open banking enables flexible business financing; business financial management systems will provide SMEs with new insights and advice. Financial service providers must partner in ecosystems to bring new SME services to market and create a consolidated view of an SME’s financial position if they are to avoid becoming irrelevant. Disruptors like Coconut and Xero are successfully monetizing their SME data and relationships, unlike slow-moving traditional banks.

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