UK Banks Need To Improve Digital Services For SMEs

Small and medium-size enterprises (SMEs) remain underserved by traditional financial services providers and offer a huge growth opportunity for firms prepared to invest in this area. Many SME owners could benefit from insights and tools to help them manage and grow their business — and banks can deliver them. Within a year of its launch, UK fintech Tide was attracting nearly a tenth of all new SME current account business. Digital lender iwoca uses AI, APIs, and alternative sources of data to assess SMEs’ creditworthiness and expedite underwriting. Digital ecosystems have changed the landscape for small business services.