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.