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1、February 2024Digital banking for small and medium-sized enterprisesOVERVIEWTable of contentsCHAPTER 1IntroductionCHAPTER 2Frictions SMEs have encountered with bankingCHAPTER 3Key points and trends for digital banking focusing on SMEsCHAPTER 4Digital Banking application features and ideas for SMEsCHA

2、PTER 5Conclusion345615CONTACTGet in touch16 Must haves7 Delighters9 Differentiators132CHAPTER 1IntroductionSmall and Medium sized Enterprises(SMEs)have an extremely important role in the global economy:they foster innovation,create jobs,and enhance overall economic growth more than corporates do.SME

3、s account for about 90%of businesses and more than 50%of employment worldwide,according to the World Bank.In emerging economies,SMEs contribute up to 40%of national income(GDP).However,these vital contributors to the global economy often face significant challenges in accessing financial services,pa

4、rticularly from traditional banks.These challenges,often arising from old practices and a lack of understanding of the unique needs of SMEs,can get in the way of the SME growth and success.A report by the International Finance Corporation(IFC)estimates a global financing gap for SMEs of$5.2 trillion

5、 annually(which means$15k per company on average every year),indicating the extent of the challenge in accessing necessary funds.This gap is most noticeable in emerging markets and developing economies,where SMEs are often considered high-risk by traditional banking standards.The European Commission

6、 highlights that around 70%of SMEs in Europe rely on bank loans for financing,yet only 20%end up getting their loan finally approved,showing there are still significant barriers.This underscores the difficulties faced by SMEs in securing the financial support they need to grow and thrive.The data sh

7、ows that SMEs have a critical role in the global economy and still face significant barriers in accessing essential financial services.This counterintuitive fact suggests that addressing these challenges is not only crucial for the survival and growth of SMEs but also for the overall health and stab

8、ility of the global economy.The digital banking shift for small and medium sized enterprises3High banking feesImagine youre running your own business,working extra hours to make it a success.But every month,a significant part of your hard-earned profits is drained off by excessive fees for basic ban

9、king services like account maintenance,wire transfers and loan processing.This is the difficult reality for many small and medium-sized enterprises(SMEs),who often complain of bearing disproportionately high banking fees.Unlike larger corporations that enjoy economies of scale,SMEs pay a high percen

10、tage of their earnings due to surging corporate banking costs.This can be particularly difficult and damaging for startups and businesses operating with tight profit margins.As an example,a study by the World Bank,revealed that SMEs in emerging markets pay an average of 14%more in banking fees than

11、their larger counterparts.AccessibilityAccess to financing is another major hurdle for SMEs.Banks often view them as risky borrowers compared to established corporations,leading to stringent lending criteria and a reluctance to extend credit.This perception,coupled with a lack of understanding of th

12、e unique challenges and opportunities of the SME sector,results in a significant financing gap.According to the World Bank,approximately 70%of SMEs in emerging markets lack access to adequate financing,hindering their growth and expansion.The one-size-fits-all approach of traditional banks fails to

13、address the specific needs of SMEs,leading to frustration and inefficiency.SMEs often face prolonged wait times,unresponsive customer service representatives,and a general lack of tailored banking services.This can result in missed opportunities,delays in decision-making,and a sense of being underva

14、lued by their banking partners.Digital BankingThe digital divide is another significant barrier for SMEs.The complexity of digital banking tools and platforms,coupled with insufficient training and support from banks,poses a significant challenge.This can hinder SMEs ability to streamline operations

15、,make informed financial decisions,and compete effectively in a technology-driven marketplace.A study by the International Finance Corporation found that only 30%of SMEs in developing countries use digital banking services,indicating a vast untapped potential for digital solutions.Low innovationThe

16、innovation deficit in SME banking services further increases the number of challenges faced by SMEs.Banks often lag in developing innovative products and services specifically designed for the needs of SMEs.This gap in innovation leaves SMEs underserved and unable to capitalise on the latest advance

17、ments in financial technology.For instance,many SMEs struggle to access mobile banking solutions,online lending platforms,and other innovative tools that could streamline their financial processes and enhance their competitiveness.Not everything is lost,however.We see that the fintechs,some banks an

18、d specialised companies have recognised this opportunity and we list a few trends and key points that are being observed in this usually overlooked market.CHAPTER 2Frictions SMEs have encountered with banking 41.Digital&personal service blendIn the digital age,while automation and AI can handle many

19、 tasks,the human touch remains irreplaceable for certain complex queries or problems.For instance,while a chatbot can address simple queries like checking account balances,a human relationship manager might be better suited for advising on business loans or investment strategies.2.Enhanced sellingMo

20、dern banks can leverage data analytics to understand the transaction patterns,credit behaviors,and preferences of SMEs.For example,if an SME frequently has surplus cash towards the end of the month,banks can suggest short-term investment options or provide tailored loan offers to businesses showing

21、steady revenue growth.3.Collaborative approachCollaborations,especially with fintechs,can lead to win-win situations.A bank might partner with a fintech firm specialising in invoice financing to offer this service to its SME clients.This not only enhances the banks service portfolio but also offers

22、SMEs a comprehensive suite of financial solutions under one roof.4.Hiring the right talentAs banking becomes more technologically driven,its crucial for banks to have a team that understands both finance and technology.For instance,data scientists can help in crafting personalised banking solutions

23、for SMEs based on transaction data,while digital experts can ensure the online banking platform provides a seamless user experience.5.Seamless processesSMEs value efficiency.Digital banking platforms should be intuitive and straightforward.For example,the loan application process can be streamlined

24、using online forms that pre-fill known information,reducing manual entry.Or,offering a single dashboard where SMEs can view all their accounts,loans,and investments,ensuring they dont have to jump between multiple platforms.From Vision to Action:Digital Banking focused on SMEsDigital transformations

25、,while essential,are complex initiatives that require a strategic approach.Theyre not just about adopting the latest technologies but about deploying them into the banking operations to serve specific client needs.For banks aiming to grow in the SME sector,this transformation can seem challenging gi

26、ven the complexities and specific needs of the segment.But like any journey,its important to begin with clear,tangible steps.CHAPTER 3Key points and trends for digital banking focusing on SMEs5Based on our work and experience,in this paper we propose multiple digital banking application features and

27、 ideas that can be considered when designing your SME focused Digital Banking services.Most of the examples come from Retail banking-following a natural innovation evolution from Retail to Business.We classified the proposed application features and ideas in terms of importance based on our ongoing

28、global research,considering customer desirability.The three categories are“Must haves”,“Delighters“and“Differentiators”.“Must haves”are defined as features or ideas that a bank must have to be able to compete in the defined market.“Delighters”are nice to have and help keep your customers,avoiding th

29、em from switching to competition.“Differentiators”are features or ideas that are unique and attract clients to join your bank.CHAPTER 4Digital Banking application features and ideas for SME Digital Banks 6Self-Service Chat PortalDBS Bank(Singapore):Known for its digital transformation and using chat

30、bots for customer service.Bank of America:Their chatbot,Erica,helps customers with a variety of tasks and questions.A chat bot that handles easy questions and Live Chat through the portal or Whatsapp,for complex inquiries.Includes self-authentication option to give the banker more context about the

31、clients request.Customer Details Pre-fillHSBC:Offers digital onboarding for its SME business clients.N26(Germany):A digital bank that streamlines the onboarding process with fewer steps.During onboarding,gather data and documents from third party sources(such as registration numbers,business data,fi

32、nancials and licenses)making it easier to re-use at later stages.DIGITAL BANKING APPLICATION FEATURES AND IDEAS FOR SME DIGITAL BANKS Must haves7FAQChase(USA):They provide a detailed FAQ section for various banking processes.Drive less profitable clients into digital channels for self-service with d

33、igital support through a repository containing FAQs with screenshots and videos that explain the main processes.Send a feedback loop to customers when they reach out with repetitive questions.For selected topics,use interactive support such as video tutorials.In case there is no resolution through t

34、he FAQs,the client is provided with the direct phone number of their business banker.Simplified Terms and conditions(T&Cs)Monzo(UK):This digital bank is known for its user-friendly terms and conditions,using simple language.Simplify the terms and conditions by relaxing the language and improving the

35、 readability through icons,table of contents and tool tips.Provide the client with a condensed version of the T&Cs,that they read to understand the general terms,whilst also providing the option to read the full T&Cs.When on the phone with a customer,send a digital version of the T&Cs with the optio

36、n to check I agree.Business Banking Communication StrategyCommunication with clients that is triggered by key milestones of their journeys,allowing for the best execution of the communication strategy based on customer maturity.Digital Account OriginationBBVA(Spain):Known for its digital onboarding

37、processes and digital signature solutions.When a client applies for a product they are authenticated digitally and provide documents through a shared repository.It would include a status tracking feature to alleviate waiting tension.Digital signingBBVA(Spain):Known for its digital onboarding process

38、es and digital signature solutions.One platform for digital signing of account contracts even when originated by a Banker.Contracts are stored and available on a secured site,accessible by the bank and the client.Other processes can continue in the background without being held up by the physical si

39、gning of documents.This solution reduces branch visits and service requests.8DIGITAL BANKING APPLICATION FEATURES AND IDEAS FOR SME DIGITAL BANKS DelightersSingle Portal/Entry-pointStarling Bank(UK):Offers a single dashboard for business clients to manage various products.A single point of entry int

40、o a portal where the client logs in once to get a dashboard with their product overview.This allows authenticated users to originate products online,track the status of their applications and chat directly with their relationship manager.If the client loses connection,the platform stores the request

41、 in its cache and updates when the connection is restored.Business AdvisorBarclays(UK):Provides business insights and also has a service to help businesses switch banks.Providing data and research strategies to help business owners to make the right decisions in the first stages of their business,in

42、cluding where to invest money from a loan.This could be executed through pre-recorded videos and materials up to an actual coach who manages a group of clients.9Bank Switch/TransferBarclays(UK):Provides business insights and also has a service to help businesses switch to their bank.Digital solution

43、 that allows a client to populate the information around their suppliers,debit orders etc.so the bank can do a verification on their side and assist with the switching over from other banks in a smoother way.Accounts AggregationBusiness clients have access to their account balances and account histo

44、ry from other banks directly from their mobile applications.Downtime Minimising Efforts-Error handling and reroutingGives the client context and concise information on when the downtime will be solved,what you can do and what you cant do.This idea would provide alternative actions to bankers and cus

45、tomers when the system is down.Product recommendation tool with Automated SuggestionsSantander(UK):Their“Trade Club”offers business insights and product recommendations.Authenticated customers can finalise a pre-filled questionnaire,so the bank can provide relevant product suggestions.The tool allow

46、s the customer to compare products side by side and provides them with upfront information about what documentation is required for the application process.Needs AnalyzerSantander(UK):Their“Trade Club”offers business insights and product recommendations.Using data and advanced analytics from origina

47、tion,transaction,customer database,etc-and creating automated suggestions for cross-selling or upselling.Verification process automation on self-service platformsCreate a single source of truth for customer data by improving the internal system data integrations and verifications.10Lending anytime,a

48、nywhereKabbage(USA):Offers fully digital lending solutions for SMEs.Fully digital omnichannel lending with a transparent process that communicates the outcome and hints to improve application for the next time.Includes a loan calculator for simulations.Banking Relationship manager scheduling assista

49、ntThe client should be given details of the assigned banker when they have onboarded so that they know who will give them support and enable them to make appointments directly.Diverse communication channelsRBC(Canada):Provides support through various channels including social media.Clients can acces

50、s the bank through channels they are already using(WhatsApp,email,phone,message,Zoom,social media).Banks now provide timely support to customers on their preferred channel.Some forms of contact could have a recording option for reference.Communication strategy for less profitable clientsFormulate a

51、communication strategy for less profitable clients,which involves a mix of different channels and support.For example,a standard questionnaire to ask the client what level of support they need.Proactively schedule a video call in the desired time frame and send automated emails to the client to keep

52、 the communication lines open.These emails could include educational material.This approach ensures that clients feel valued by the bank.Ready to go accountSquare(USA):Offers analytics for business clients and a streamlined account setup.Convert staff-assisted processes,like card activation,into a s

53、elf-service process.Express mail the customers card to their nominated address.Allow the customer to track the card delivery status.Provide the customer with a virtual card that can be used immediately through a digital wallet,before the physical card arrives.The card can be activated through a POS

54、terminal,app,ATM and prompt them to set their own card PIN.11Reporting and AnalyticsSquare(USA):Offers analytics for business clients and a streamlined account setup.Offers SMEs customers in-depth analytics and visual dashboards of their banking activities,as well as transaction history export in va

55、rious formats.This helps to understand their banking activity for purposes like accounting,tax calculations,and compliance.IntegrationQuickBooks(Intuit):Not a bank,but many banks integrate with this accounting software for SMEs.Integration with internal or external functionalities that support activ

56、ities related to accounting or even tools/software to make reconciliation and finance management easier.Some of those external tools can link to beyond banking functionalities,such as legal,marketing,etc.Layered channel supportCitiBank:Uses a mix of chatbots and human support,enabling human support

57、to more value-added demands.This maximises the offers for personalised banking solutions.Have a front-line support with automated or AI enabled chatbot that covers the majority of standard questions.The ones that cant be answered by the automated frontline are forwarded to increasingly human support

58、ed channels,until it reaches the banking Relationship Manager,maximising its focus on building customer relationships.12DIGITAL BANKING APPLICATION FEATURES AND IDEAS FOR SME DIGITAL BANKS DifferentiatorsThird party partner ecosystemStandard Chartered(Global):Partners with fintechs to provide additi

59、onal services.Leverage third parties to provide additional services to clients(stock analysis and advisories),or to provide services to the bank for internal efficiency(fintechs,AML third parties,credit rating agencies),to allow the bank to focus on core offerings.Multiple sources of Data for Credit

60、 ScoringKreditech(Germany):Uses alternative data for credit scoring.Use multiple alternative ways to source business data used to formulate the credit score,to ensure that it is on par with current banking standards.Possibly partnering with fintechs to source business data.13SME Business banker acad

61、emyHSBC:Provides training solutions for its SME business banking representatives.Provide training that fast-tracks the banking representatives immersion into the clients industry,business and needs.Personalised product offeringMapping the banks suite of products to the customers journey,and offer pr

62、oduct recommendations based on where clients are in that journey.Pre-approve the client for credit facilities based on what is known and identify future cross-sell opportunities.Query trackerWells Fargo(USA):Has a detailed system for tracking and resolving customer queries.A centralised query manage

63、ment system that tracks queries from receipt to closure.Queries should be categorised accordingly(i.e.product,channel,perfomance,service).Introduce SLAs for attending to queries and escalations.Enhance the existing queries and complaints solution on public web and encourage customers to log requests

64、 themselves to decrease calls to the back office.Shadow limitsShadow credit limits(pre-approved credit)available to customers that they are not aware of,but can be availed in case they need extra facilities during critical moments.14For banks targeting SME clients,digital features are of great impor

65、tance in bringing their digital strategy to life.They simplify banking operations,making them more efficient and user-friendly,while also addressing the specific needs of SMEs.This includes offerings such as on-the-spot loan approvals,actionable business insights,and smooth integration with other bu

66、siness tools.Recognizing that SMEs often operate with limited bandwidth but require agility,these digital tools provide timely access,bespoke solutions,and better decision-making support.This approach enhances trust between SME clients and their banks and enables similar digital experiences already

67、offered in different realms of banking,such as Retail and Corporate.CHAPTER 5ConclusionSources(1)Pellegrino,A.,&Abe,M.(2022,September 12).Digital Financing for SMEs recovery in the post-COVID era:A bibliometric review.https:/www.frontiersin.org/articles/10.3389/frsc.2022.978818/full(2)Istuk,I.The ro

68、le of Digital Financial Services in bridging the SME Financing Gap.World Bank Blogs.https:/blogs.worldbank.org/psd/role-digital-financial-services-bridging-sme-financing-gap (3)UK Finance Digital Banking Experience Trends.https:/www.ukfinance.org.uk/news-and-insight/blogs/digital-banking-experience-

69、trends-2022 (4)Underserved smes look to digital banks to provide enhanced services:Visa Study.Visa.(2020,October 27).https:/.sg/about-visa/newsroom/press-releases/underserved-smes-look-to-digital-banks-to-provide-enhanced-services-visa-study.html (5)European regulatory changes will make banks less w

70、illing to lend to SMEs.Allianz Trade.2019.https:/www.allianz- SMEs access to finance and finding innovative solutions to unlock sources of capital.Accessed in 2023.https:/www.worldbank.org/en/topic/smefinance(7)Survey on the access to finance of enterprises(SAFE).European Central Bank(2021)https:/ww

71、w.ecb.europa.eu/stats/ecb_surveys/safe/html/ecb.safe2021063746205830.en.html15CONTACTGet in touchLegal Disclaimer The material in this document has been prepared with the aim of providing information and is for illustrative purposes only and is not meant to be legally binding.Mobiquity accepts no li

72、ability whatsoever in contract,tort or otherwise for any loss or damage caused by or arising directly or indirectly in connection with any use or reliance on the contents of this document.Rights and Permissions The material in this work is copyrighted.With the exception of fair use for journalistic

73、or scientific purposes,no part of this report may be reprinted or reproduced in any form or by any means without the prior written permission of Mobiquity.In all journalistic or scientific purposes Mobiquity must be indicated as reference.Mobiquity encourages dissemination of its work and will normally grant permission promptly.Peter-Jan van de VennVP Global Digital Banking,Mobiquity+31 6 4328 4093 PereiraDigital Strategy Senior Consultant+31 6 5000 3954 ArkenboutVP Business Development APAC,Mobiquity+31 6 4310 6062