If banks do not adapt their pre-digital era products and services, it could limit their net income margin, questioning whether they have a viable future moving forward.
Regulatory change has shifted the SME landscape and businesses need much more than a bank account today. PSD2 and open banking has forced banks to open access to accounts to allow regulated third parties to make payments, provided customers have given their consent.
Alongside this, with the likes of Quickbooks, Xero and Sage offering holistic services that encompass everything a business would need day to day, banks need to step up to their level of customer experience.
Banks are losing the banking game; providing online and mobile services is no longer enough. Banks must now embed third party services to create an omnichannel experience that is fit for purpose, retain their relationship with their customer and grow with them.
Sign up for this Finextra webinar, hosted in association with BankiFi, to join our panel of industry experts as they discuss the following areas:
- Regulatory change has undoubtedly shifted the SME landscape. Do you believe this shift has strengthened or weakened the position of businesses offering SME banking services?
- What do you see as the next big area of unbundling for banking, particularly in relation to SME banking?
- Are banks too interested in looking to sell to customers? Would they benefit more from focusing on problem-solving for SME customers?
- How can banks go from being mere mono line provider of payments to an embedded workflow experience?