Banks across the world face significant challenges in serving SME customers. Broadly defined as companies employing 250 employees or fewer, SMEs account for around 99.5% of businesses across the G7 countries, and over 50% of them need external finance.1 There are significant opportunities in the SME banking market that could be explored to benefit both banks and their SME customers, resulting in wider economic benefits.<\/p>\n
A key challenge related to SME banking is the time-consuming and complex onboarding, driven largely by the rigorous know-your-customer (KYC) requirements intended to prevent financial crime. The fragmented patchwork of solutions currently supporting banks\u2019 KYC processes means that they have to integrate and verify a broad set of disparate information for every SME customer. Also, KYC data is only useful if it\u2019s up-to-date. So banks must spend yet more time refreshing and re-verifying their SME customer information, which is costly for them and inconvenient for their customers.<\/p>\n","protected":false},"excerpt":{"rendered":"
Transforming SME banking through customer-permissioned data exchange<\/em><\/p>\n Putting small and medium-sized enterprises (SMEs) in control of their data and simplifying the start of new business relationships.<\/p>\n","protected":false},"featured_media":53729,"template":"","meta":{"pmpro_default_level":"","tdm_status":"","tdm_grid_status":""},"product_brand":[],"product_cat":[2355,2347],"product_tag":[3475,2290],"class_list":["post-75712","product","type-product","status-publish","has-post-thumbnail","product_cat-digital-banking-en","product_cat-study-library","product_tag-2016-2020","product_tag-ey","pmpro-has-access","first","instock","shipping-taxable","product-type-external"],"yoast_head":"\n