In the context of the current global COVID-19 pandemic, most if not all small and medium-sized businesses (SMBs) have been impacted by the crisis and new market realities. From consumer habits turning to digital, to tighter management of cashflows and supply chains, SMBs are experiencing a drastic shift in the way they must manage their business — with the emergence of both new needs and needs that are now more urgent than prior to the crisis.
In this context, banks can be partners to SMBs and help them survive and thrive through the storm to stay relevant. Many banks may need to reinvent themselves – through digital transformation – to capture this opportunity.
The drive to digital is not new but does need to be accelerated. We believe it is critical for financial institutions to take advantage of digital to foster engagement with clients, focus on efficiency and drive their innovation agenda. It’s more important than ever that SMBs’ customers are engaged and supported through their journeys remotely and digitally.
Financial institutions (FIs) can help SMBs by building and enhancing experiences to help them manage their funding needs, manage cashflow and budgets, and leverage new government relief programs. Moreover, FIs can empower their employees to work and collaborate through workflows remotely and digitally. Here we look further into the market landscape and how to take advantage of the opportunities that have emerged.