Trends Report

To Serve Small Businesses Effectively, Banks Must Build Or Integrate Into SMB Ecosystems

August 26th, 2020

Summary

Incumbent banks are developing new services for SMBs to meet their financial needs. This research outlines the SMB ecosystem to help banks offer value-added services for SMBs. As firms (financial services and tech companies) pivot to an ecosystem model, a broader and deeper understanding of SMBs’ business needs and ecosystems will be key for differentiation. Ecosystems must go beyond transactional banking services and include services to help SMBs run and grow their businesses. Banks don’t need to build these tools themselves, but they must ensure these services integrate smoothly with their own offerings. Digital business strategy pros should help their organizations understand the SMB ecosystem and evaluate suitable partners for value-added services. Book an inquiry for help.

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