SME banking pain points
The pain points SMEs face when it comes to digital banking are several, but the ones we seem to hear about the most are difficulty tracking and forecasting cash-flows and effectively managing account receivables and payables. Many SMEs are also lacking online tools to help them better plan their day-to-day activities to gear their business towards growth. The digital experience for business banking should address all of these pain points in a direct and deliberate way.
Another major pain point we often hear about is the limited and often downright messy nature of SME customer interactions with their bank. The typical small business owner is not satisfied with her bank’s business banking platform if it exists at all. She might periodically check her balance, make payments and interact personally with her bank relationship manager once a quarter or less.
When all is said and done, can this be called a relationship? From a customer engagement perspective, the bank-SME interaction is in dire need of restructuring, both in terms of frequency and quality.