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How banks can add more value for small business customers
By offering services that address SMEs’ broader needs, banks can position themselves at the center of a valuable ecosystem.
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By offering services that address SMEs’ broader needs, banks can position themselves at the center of a valuable ecosystem. (Shutterstock/File)
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t’s not easy for small companies to grind through the basic operations of running a business. Owners and employees spend a lot of time navigating separate platforms for banking, enterprise resource planning, human resources and payments.
Banks can help contain the sprawl by devising a simple, easy-to-use package that would integrate these functions. Such packages could hold great appeal for small and medium enterprises (SMEs), allowing banks to strengthen and expand their role with these companies.
Small firms also look for advice and support at transitional moments such as making acquisitions or starting to export. By offering services that address SMEs’ broader needs, banks can position themselves at the center of a valuable ecosystem.
Some banks have made a promising start. For example, seven banks in Indonesia have collaborated with Telkomsel to expand payment options for SMEs using Telkomsel’s advertising solution. Tokopedia, the online marketplace, is partnering with several banks for merchant financing.
