The Future of Business Banking for SMEs

The future of business banking for SMEs

While digital banking in the retail space has transformed over the last decade to offer consumers highly personalised, seamless experience, SMEs have struggled to receive this level of digital transformation. Not only is this frustrating from a customer perspective, it also makes it harder for SMEs to access financial products that will be critical to the business due to lack of digital transformation.

In a time where it has never been easier to change banks, it’s imperative for incumbent banks to prioritise digital transformation and customer experience (CX) for SMEs if they want to succeed. One key element to this is embracing a new way of approaching KYC for client onboarding – one rooted in fast, comprehensive, and real-time Customer Lifecycle Intelligence (CLI) strategy.