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1、With the expert contribution of theSME Finance Forum,managed by IFCIBM Institute for Business Value|Research InsightsBanking for small and medium enterprisesServing the world economy with data and AI2IBMModern financial institutions demand modularity,security,openness,AI-driven capabilities,and coll

2、aboration on a hybrid cloud.At IBM,we empower you to elevate customer experiences,modernize core banking infrastructures,pioneer innovative payment solutions,and transform enterprise risk management.Learn more at BIAN Financial institutions use BIAN as a starting point to help define and organize th

3、eir IT software and services needs in a standard,rationalized way around the BIAN service landscape.This in turn increases an organizations agility to deliver the needs of its customers.BIAN provides an industry model for creating an architectural framework that makes integration of software and ser

4、vices capabilities easier and faster through a standard set of definitions.The model is supported by 250 pre-defined APIs.Learn more at bian.orgSME Finance Forum,managed by IFC The SME Finance Forum was established in 2012 by the G20 and is managed by the International Finance Corporation(IFC),a mem

5、ber of the World Bank Group.Its objective is to scale SME finance to drive job creation and economic growth.As the premier SME finance network,with over 300 members and partners globally,it steers industry innovations,supports replication of best practices,facilitates policy advocacy,and fosters glo

6、bal knowledge transfer.The Forum also empowers its global peer learning membership network by connecting them with relevant partners,investors,and policymakers.Learn more at smefinanceforum.orgHow we can help3ForewordSmall and medium-sized enterprises(SMEs)form the backbone of the global economy,rep

7、resenting 90%of all firms,employing approximately 70%of the worlds workforce,and contributing 50%to global GDP.1 Despite their significance,SMEs face many challenges within a rapidly evolving economic landscape that demands innovative banking solutions.Realizing this,banks are seizing the opportunit

8、y to redirect costs toward investing in exponential technology and ecosystem platforms.In response to the needs of SMEs,some banks are moving beyond merely reacting to short-term trends and are strategically redesigning their operations.However,many banks have yet to fully capitalize on the transfor

9、mative potential of hybrid cloud,data,and AI.There remains a hesitation to transition from integrating AI into existing business functions(+AI)to making AI the foundation for all business operations(AI+).Our research provides strategic insights into the current state of SME banking and its fintech f

10、uture.Conducted by the IBM Institute for Business Value(IBM IBV)in collaboration with the Banking Industry Architecture Network(BIAN),the study benefits from the expertise of the SME Finance Forum,managed by the International Finance Corporation(IFC).We offer actionable insights into how banking str

11、ategies can embrace innovation to meet the evolving needs of SMEs.Our survey data is enriched by qualitative interviews with senior executives at financial institutions,bringing to light the perspectives of key decision-makers in SME banking.Looking ahead,the transformation of business culture,opera

12、ting models,and IT systems is essential to align with a digitally driven global economy.Realizing the benefits of technology-led innovation in SME banking requires both a strategic perspective and pragmatic actions.We hope our work will ignite productive discussions within your organization and help

13、 you balance ambition with action,leveraging the opportunities presented by AI+to redefine your banking experience and empower SMEs,the vital engines of the global economy,to thrive.Shanker Ramamurthy Global Managing Partner Banking and Financial Markets IBM ConsultingJohn J.DuigenanGeneral Manager

14、Financial Services IBM Technology 45SMEs are major contributors to the global economyThey are 90%of all firms,70%of the workforce,and 50%of GDP worldwide.2 They demand innovative banking solutions that cater to diverse needs in real time.Bankers perspectives diverge from the actual needs of SMEs.SME

15、s want a seamless experience on integrated ecosystem platforms.Bankers are looking inward and focusing on risk management and productivity.Banks can increase their relevance to SMEs by embracing tech-led innovation,while taming operational costs and managing risks.Bankers prioritize foundational lay

16、ers:cloud for business-critical processes(63%),AI for credit risk(56%),and modular core banking(55%).Yet,they risk delaying investments in embedded finance(42%)and generative AI for client experiences(38%)key opportunities that can dictate digital winners.Notwithstanding their pivotal role,SMEs are

17、often overlooked by banks,which can be discouraged by the substantial costs associated with serving this diverse market.Key takeawaysContentsAn untapped SME marketThe impact of innovation on labor productivitySMEs speak out:What they really need from bankingCracking the code to a perfect banking mat

18、chSMEs seek banks with expertise to address business growthBanks contributions to simplifying and streamlining SME operationsCompliance made easier to help SMEs thrive with protectionThe tech foundations of banking competitivenessEnhance profitability with digital engagementCutting costsbut not serv

19、icesfor efficient SME bankingAI-driven risk modeling:The key to enhanced security and complianceConclusionAction guide710131416182023283032363767Financial services are particularly susceptible to fluctuations in macroeconomic conditions,a phenomenon that was starkly illustrated by the 2008 financial

20、 crisis in which interest rates precipitously declined and impacted banks profitability worldwide.An untapped SME marketBanking plays a vital role in the smooth operation of the economy,with healthy banks facilitating the efficient allocation of financial resources.Conversely,when banks encounter di

21、fficulties,the consequences can be far-reaching,causing significant repercussions throughout local and international ecosystems.This holds significant implications for SMEs,which tend to be particularly vulnerable to economic fluctuations,funding costs,and credit availability.As the backbone of the

22、global economy,SMEs account for a staggering 90%of all firms and accounts,employ approximately 70%of the worlds workforce,and contribute a substantial 50%to global GDP.3 Notwithstanding their pivotal role,these enterprises are often overlooked by banks,which can be discouraged by the substantial cos

23、ts associated with serving this diverse market.8FIGURE 1 SMEs pay a structural credit premium to large corporates when accessing funding opportunitieshere is where new data and AI can help reduce the gap.Percentages indicate the SME credit spread premium to large corporate borrowing.0%0%201020152021

24、2%1%3%4%5%10%15%201020152021Major advanced economiesAdvanced and emerging economiesUSUKItalyCanadaItalyCanadaSpainFranceMexicoBrazilSouth KoreaIndonesiaAustraliaColombiaColombiaAustraliaIndonesiaSouth KoreaMexicoBrazilFranceSpainUSUKPercentages indicate the SME credit spread premium to large corpora

25、te borrowingSource:“Financing SMEs and Entrepreneurs:An OECD Scoreboard.”OECD.9As the financial landscape continues to evolve,a new set of challenges are on the horizon.One of the more pronounced is the difficulty for SMEs to access sustainable finance due to the heavy burden of reporting requiremen

26、ts.More than a decade of accommodative monetary policies created an environment where SMEs had access to financial services at a lower cost in most countries.Unfortunately,the escalating cost of capital became a pressing concern,forcing banks to prioritize tighter risk management over serving SME se

27、gments where credit risk is harder to estimate.The diversity of business scope within SME markets,and the scarcity of granular data to inform lending decisions,makes credit risk assessment inherently complex.The Organization for Economic Cooperation and Development(OECD)estimated that SMEs tend to p

28、ay a risk premium relative to larger corporates when borrowing from financial institutions(see Figure 1).4The situation became even more complex as the pandemic ended.Policy rates rose significantly,resulting in a reversal of favorable credit conditions for borrowers.This was particularly pronounced

29、 in major advanced economies,where rates had languished to near zero or even dipped into negative territory.Notably,banks stood to benefit from interest rate hikesat least initiallyas they were able to recalibrate business loan conditions.Yet,diminished client appetite for borrowing at such elevated

30、 costs limited banks capabilities to maintain lending portfolios.According to the OECD,lending to SMEs contracted in most countries.5As the financial landscape continues to evolve,a new set of challenges are on the horizon.One of the more pronounced is the difficulty for SMEs to access sustainable f

31、inance due to the heavy burden of reporting requirements.This is a paradoxical situation,as the growing demand for sustainable finance presents an opportunity for SMEs to access new sources of capital.According to a comprehensive study by the World Bank,SMEs need to do more than merely access financ

32、e.6 They must also acquire the skills necessary to integrate new technologies into operations and innovate to expand their customer base.The challenge for SMEs spans beyond traditional banking relationships.Therefore,the opportunity for banks is to help SMEs bridge the gap between business intent an

33、d tech-led productivity.10FIGURE 2A time gap persists between innovation and its impact on labor productivity.105%4%3%2%1%-1%0%Percentage change of output per hour(9-year centered moving average)Time lag between invention and peak of productivity gain1760178018001900192019401960198020002020204018201

34、840186018801765Steam engine100years40years30years?1879Light bulb1971Personal computer2007Smart-phone%y/yThe impact of innovation on labor productivityThroughout history,transformative technologies have consistently driven productivity rates,measured by output per hour worked and reflected in GDP sta

35、tisticsof which SMEs represent 50%.7 However,the productivity growth rate of the global economy has contracted since the turn of the century.8 This is despite the impact of the digital revolution on everyday life,marked by the introduction of the smartphone in 2007(see Figure 2).One explanation coul

36、d be the typically long gap between the invention of new technologies and the point when they materialize in macroeconomic gains.This has been experienced in past technology revolutions,as in the case of steam engines(1765),light bulbs(1879),and personal computers(1971).9Source:AI revolution:product

37、ivity boom and beyond.Barclays and IBM.1111Anothermore pessimisticinterpretation is that digitalization and portable devices might not compare to past productivity revolutions,such as the automobile or air conditioning.Measurement errors could also play a role,as traditional GDP statistics may not f

38、ully capture the value of digital products with zero marginal costs.The truth might involve a mix of these factors,but the key question remains:Can we witness a new AI-driven economic renaissance,one that benefits SMEs and their financial institutions with better services at lower costs,propelling t

39、he global economy forward?According to IBM IBV and Barclays analysis,this is possible.Most of the time gap between innovation and the impact on productivity rates has likely passed,since AI is not a novelty:its roots date back to the 1950s when Alan Turing first proposed a test to measure the extent

40、 of“computer intelligence.”11 What is new,however,is the accessibility of AI such as large language models(LLMs).AI can help banks resolve critical hurdles to serving SMEs,boosting their productivity and,conversely,adding to SME productivity by making financial services more intuitive,consumable,and

41、 relevant for their business development(see Perspective,“AI+foundations for SME banking”on page 12).For example,banks have new means to secure payments,addressing the resilience of infrastructure that is business-critical to SMEs.Furthermore,AI can enable banks to augment SME capabilities in making

42、 informed business decisions,contributing to their risk management and financial health.Banks must stay the course.Neobanks are increasingly shifting competitive focus from retail banking to SME banking,starting to service the needs of micro businessesthese solo entrepreneurs are already their clien

43、ts.Given the prowess of their cloud-native technology,neobanks are also raising the bar of expectations for serving SMEs of larger size in terms of revenue and number of employees.12AI can help banks resolve critical hurdles to serving SMEs,boosting their productivity and,conversely,adding to SME pr

44、oductivity by making financial services more intuitive,consumable,and relevant for their business development.12PerspectiveAI+foundations for SME bankingAccording to IBM IBV research,a staggering 78%of banks are working with generative AI but lack a cohesive,enterprise-wide approach to AI overall,fa

45、iling to integrate this transformative technology across multiple business domains and use cases.Only 8%of banks have a systematic approach.13To fully mobilize the capabilities of AI,a shift is requireda paradigm transformation from merely integrating AI into existing processes(+AI)to fundamentally

46、reimagining these processes around AI(AI+).This approach has far-reaching implications for how financial institutions operate,as AI assumes a pivotal role in every stage of business functions.What does this paradigm shift to AI+portend for SME banking processes such as onboarding,risk analysis,and r

47、elationship management?Client onboarding.As the+AI era dawned,banks began to modernize their onboarding processes,leveraging AI to reduce friction and digitize KYC and AML checks.AI was initially employed as a supporting tool,harmonizing with traditional onboarding processes that relied heavily on h

48、uman verification and judgment.However,the transition to AI+marks a profound shift,one in which AI assumes the pivotal role of orchestrating every aspect of the onboarding experience:from client communications to prefilled forms,requests for additional data and creation of follow-ups.Credit risk ana

49、lysis.As the+AI era emerged,SME bankers began to harness the power of AI to analyze new datasets such as cash flows to enable more accurate risk assessments.AI was initially employed as a supporting tool,harmonizing with traditional risk management methods.However,the transition to AI+heralds a para

50、digm shift in which AI systems assume full agency,autonomously managing financial analysis,performing risk assessments,and empowering credit risk managers to manage more informed and timely lending decisions across digital channels.Relationship management.SME bankers started using AI to streamline a

51、ccess to client and sector information,liberating relationship managers from mundane research tasks and empowering them to focus on high-value activities.AI was initially employed as a supplementary tool,awaiting banker instructions to initiate research requests and generate analysis.However,the tra

52、nsition to AI+organically changes the way of working,where AI systems proactively initiate outreach campaigns,screen clients,and categorize them for potential financial needs.This integration enables relationship managers to make more informed and timely decisions for greater efficiency and a deeper

53、 understanding of clients needs.13The IBM Institute for Business Valuein collaboration with BIAN and the expert contribution of the SME Finance Forum,managed by IFCsurveyed almost 700 banking executives with business responsibilities in SME banking domains and conducted direct interviews with select

54、ed executives about their strategies.SMEs speak out:What they really need from banking We also surveyed more than 1,000 SME owners and managers across different world economies.This enabled a unique comparison between bankers opinions and clients expectations,providing a nuanced understanding of the

55、 SME market landscape(see“Study approach and methodology”on page 40).The study investigated crucial questions,including:Do SME owners and managers prefer face-to-face conversations or mobile apps?What do they value most from their bank?14Cracking the code to a perfect banking matchOur findings revea

56、l an interesting disparity between the perspectives of bankers and SMEs when it comes to choosing a bank.Overall,SMEs expect bankers to understand their unique business needs,offer tailored solutions,and facilitate networking with business partners and clients.In contrast,bankers tend to focus on th

57、e foundational aspects of banking,such as easy-to-use apps,dedicated banking managers,and the proximity of branches (see Figure 3).Looking into survey data by jurisdiction,we observe nuances in the top three choices.SMEs in the US,the UK,France,and China also report branch proximity as one of their

58、top three preferences.Many bank branches in major advanced economies have closed due to digital advancements and industry consolidation,often at a pace that does not align with how quickly clients are adapting to digital services.Conversely,SMEs in India highly value easy-to-use mobile apps,as the g

59、overnment-led intervention accelerated digital adoption throughout society.Notably,a banks social responsibility is appreciated in India and Brazil more than in other markets.These differences speak to the need for bankers to better understand local nuances that influence the calculus that drives SM

60、E decision-making,thus better adapting their branding approach to meet the evolving and differing needs of these vital businesses.Overall,SMEs yearn for a trusted relationship built on professional understanding of their business domains.By embracing an ecosystem approach,banks can transcend their r

61、ole as transactional providers and become valued partners in the growth and development of their SME clients.“Whats important is that you dont just design for the market;you design with the market.You need to embed yourself in the realities of these businesses and the way these business owners run t

62、heir operations,and then design tailored solutions for them,keeping in mind the dynamics of not just the business owners but also the entire SME ecosystem.”Ayodele Olojede Divisional Head of Retail and SMEs,Wema Bank15FIGURE 3 SMEs value banks that demonstrate deeper understanding of their sector an

63、d business ecosystems.12345678Easy-to-use appsDedicated managerBranch proximitySocial responsibilityImmediate funds availabilityDedicated managerImmediate funds availabilityBranch proximityEasy-to-use appsSocial responsibilityBanker opinionsSME expectationsNetworking Understanding sector needsTailor

64、ed offersTailored offersNetworkingUnderstanding sector needsOur survey covers SMEs with more than 50 employees and does not specifically include micro businesses.Micro businesses(enterprises that are solo entrepreneurs)are a significant part of the overall SME market,and they often exhibit behavior

65、similar to consumers.In a recent study,we also queried consumers about what could persuade them to switch their primary account to another bank.We found a preference for better customer service,the ability to instantly transfer funds,and frictionless mobile access.14 It is logical to infer that as m

66、icro businesses grow,their habits will influence expectations of the higher tiers of the SME category.This indicates that banks must carefully fine-tune their services to meet the unique needs of SMEs along their differing paths to growth.Q.Which are the most important priorities for SME clients whe

67、n choosing a bank?16SMEs seek banks with expertise to address business growthWhen it comes to the banking services that can facilitate growth,SME owners and managers tend to emphasize the importance of expert support in planning for expansion corroborated by market and economic analysis(see Figure 4

68、).In the US,key priorities include guidance for credit scoring,flexibility of funding options,and expert support in planning.Overall,SMEs recognize the role of banking stewardship as they seek trusted advisors who can provide counsel and navigate the complexities of business expansion.Fast access to

69、 funds also ranks high on their list of priorities,as SMEs need to minimize bureaucratic hurdles and save time.For these dynamic entrepreneurs,every moment counts,and cumbersome credit applications can be an obstacle to overcome.16FIGURE 4Bankers look inward,underestimating the SME need for fast mon

70、ey and expert advice to grow their businesses.Figure 4Bankers look inward,underestimating the SME need for fast money and expert advice to grow their businesses.Credit score guidanceFlexible funding optionsDue diligence supportMarkets/macro analysisNetworkingDue diligence supportFlexible funding opt

71、ionsCredit score guidanceBanker opinionsSME expectationsFast access to fundsFinancial/business plan supportNetworkingFinancial/business plan supportMarkets/macro analysisFast access to funds1234567Q.Which services should be improved to better support the business growth of SMEs?17“We realized that c

72、ustomers are interested in more than just financing;they want to see how their business is prospering.”Franco Fasoli Head of SME Banking,Santander Brazil“If we truly want SMEs to thrive and flourish,we need to recognize their immense potential while were moving in the right direction by facilitating

73、 more informed lending,I think theres still a lot more we can do to support these vital businesses.”Challa Sreenivasulu Setty Managing Director(International Banking,Global Markets&Technology),State Bank of IndiaAccording to 2023 IFC research,30%of enterprises in the formal sector struggled with cre

74、dit constraints.Among the 70%of firms that were not credit-constrained,52%reported having sufficient funds,rendering loan applications unnecessary.Conversely,27%of firms were deterred from applying due to unfavorable loan terms and conditions.The analysis also reveals that credit-constrained firms t

75、ended to be smaller and exhibited a negative correlation with performance.Furthermore,the data suggests that as economies become more developed,the share of credit-constrained firms decreases.15When asked how they make important financial decisions,almost 60%of SMEs ranked their reliance on a banker

76、s support and online searches,with only 23%of SMEs reporting reliance on internal expertise to make these decisions autonomously.As new competitors rely on digital-only engagement,financial institutions can differ-entiate themselves by empowering both clients and relationship managers with the best

77、combination of human and digital advice.18Banks contributions to simplifying and streamlining SME operationsIn the pursuit of optimizing business efficiency,SMEs place a premium on instant payments and streamlined digital access to all banking and non-banking services.As such,comprehensive super app

78、s seem to appeal to SMEs not only in emerging markets but also across EU countries.These centralized platforms could provide a wealth of benefits,including enhanced decision-making facilitated by data-driven insights and cash flow forecasts.FIGURE 5SMEs recognize the value of integrated ecosystem pl

79、atforms with banking and non-banking services.1234567Instant payment forall operating expensesAggregation of bank accountsAnalysis/forecast forall operating expensesSuper app across non-banking and bankingTailored investments for idle cashCollection of delinquent receivablesHotline financial queries

80、Aggregation of bank accountsBanker opinionsSME expectationsHotline financial queriesTailored investments for idle cashCollection of delinquent receivablesInstant payment forall operating expensesSuper app across non-banking and bankingAnalysis/forecast forall operating expensesQ.Which services shoul

81、d be improved to better support the operational efficiency of SMEs?19While payments efficiency tends to dominate overall,there are interesting distinctions across countries.In the US,where checks are still a relevant payment method,SMEs value services that facilitate collection of delinquent receiva

82、bles,whereas in countries with established Open Banking charters,account aggregation tends to be valued.This is the case in the UK,Spain,Brazil,and also Japan.Overall,bankers agree on the relevance of instant payments and cashflow analysis.However,they dont always recognize client appetite for super

83、 apps that integrate banking and non-banking services(see Figure 5).SMEs,on the other hand,do desire a unified platform to harmonize their financial operations beyond banking.A platform experience that embeds banking and non-banking services in the context of the daily life of SME businesses can lib

84、erate them from burdensome complexity that can stifle productivity and innovation.With a one-stop-shop solution,SMEs can redirect their energies toward strategic growth,creativity,and competitiveness,rather than being bogged down by administrative tasks.“Many SMEs dont have a professional person on

85、their payroll to handle these tasks,which require some expertise.When we provide a genuine solution,its truly appreciated.”Gokhan Koca Global Head of SME Banking,BBVA2020Compliance made easier to help SMEs thrive with protectionFinally,the survey uncovers a gap between the SMEs and bankers relative

86、to the value banks can bring to mitigating risks faced by SMEs and addressing their compliance concerns.FIGURE 6SMEs seek help to navigate regulatory complexity and sustainability considerations.123456Fraud monitoring of transactionsInsurance for unforeseen eventsHedging financial risksHedging finan

87、cial risksDue diligence of partners/suppliersInsurance for unforeseen eventsBanker opinionsSME expectationsSustainability decisions/reportingDue diligence of partners/suppliersCompliance and legalCompliance and legalSustainability decisions/reportingFraud monitoring of transactionsQ.Which services s

88、hould be improved to better support risk mitigation,security,and compliance of SMEs?2121While SMEs crave guidance and support to navigate the complexities of compliance obligations and make informed decisions about sustainability,they also crave enhanced confidence in fraud monitoring.Conversely,ban

89、kers expect a greater interest from SMEs in insurance and financial hedging products(see Figure 6).Rather than addressing these more advanced elements,SMEs first require guidance to address cumbersome compliance obligations.It is worth noting that SMEs in the US,the UK,Japan,and Mexico are more apt

90、to look for financial hedging compared to other parts of the world,while insurance for unforeseen events is a more pressing topic in the UK,Brazil,and China.This highlights the imperative for banks to understand local dynamics.“Its essential to help SMEs become more financially disciplined.This incl

91、udes ensuring they comply with statutory filing requirements,which positively impact their creditworthiness when applying for loans.”Nadia Sood CEO and Founder,CreditEnable22PerspectiveModular core banking foundations for SMEsNot every bank has assessed themselves as an“A”letter grade institution in

92、 terms of competing in an increasingly dynamic SME banking landscape,but this milestone is within reach.As technology becomes the business,a harmonious,iterative strategy is essential.The strategy should begin with the construction of hybrid cloud building blocks,such as robust security,unparalleled

93、 scalability,and seamless portability.From this foundation,banks can expand to create data architectures that facilitate integrated access to a varied SME ecosystem in which data is not always immediately within reach,is often incomplete,and requires complex analysis to derive valuable business insi

94、ghts.Working with clear API standards and technological understanding of business domains facilitates a“build once”development methodology that enables business innovation to accelerate and become more cost-effective.The potential dividends are substantial:reduced friction in business-technology col

95、laboration,enhanced self-service capabilities that accelerate development speed,seamless data sharing both within and outside the bank throughout ecosystems,and the widespread adoption of AI at scale.We also found that more than 60%of executives are focused on four primary ways to add value with ind

96、ustry standards:Build faster(64%).Standards accelerate ecosystem building and bank-partner integrations.Maintain better(64%).Standards reduce development and maintenance costs because APIs can be reused.Integrate faster(60%).Standards improve the partners experience during banking API integrations.M

97、anage better(58%).Standards make it easier and less complex for banks to focus on higher value when deploying embedded finance.Banks that are still struggling with foundational elements might not have the bandwidth to focus on the more advanced factors that drive competitiveness and success in SME b

98、anking.Addressing strategic stumbling blocks is a precondition to unlocking business value.As SME banking continues to evolve,a pivotal aspect will be the seamless integration of banking services into the diverse industries that shape the business journeys of each SME.According to IBM IBV research,t

99、he path to embedded SME finance is fraught with challenges.When we probed banking executives about the obstacles hindering their embedded finance strategies,we uncovered fundamental hurdles that threaten to undermine their efforts.The top constraints cited by these executives were the lack of modula

100、rity in core banking systems,which hinders the ability to adapt to changing market conditions(53%),and inadequate API standards,which impede the seamless exchange of data(52%).16 These foundational challenges must be addressed if banks are to successfully embed their services into the industries tha

101、t shape the SME landscape.A modern business architecture is a prerequisite to any digital strategy.But embedded finance requires banks to interlock with external entities and platformswhich puts openness and flexibility at the core.Thats why a combination of technical modularity and industry standar

102、ds are essential for success.23Bankers acknowledge the imperative to improve their services while simultaneously reducing the costs to serve.When asked to grade their institutions performance,only 6%granted themselves an“A”grade.Conversely,47%of bankers assessed themselves as either a“B”or a“C,”a lu

103、kewarm evaluation(see Figure 7).The tech foundations of banking competitiveness 24However,being average is no longer a viable strategy in todays competitive landscape.As new entrants are poised to disrupt the status quo and expand beyond retail banking,the bar has been raised for traditional institu

104、tions to remain relevant.The need for transformation is palpable,necessitating not only the augmentation of digital interfaces but also a comprehensive overhaul of the fundamental architecture of banking institutions.This transformation is required to render these these core foundations adaptable an

105、d responsive to the evolving needs of a varied SME landscape(see Perspective,“Modular core banking foundations for SMEs”on page 22).FIGURE 7Very few institutions give themselves an“A”grade in effectively serving SMEs.ABCDF6%0%0%47%47%“I expect every SME to have a cloud-based accounting platform,in w

106、hich case I see banks connecting to it,making data analysis for lending easier.”Rajeev Chalisgaonkar Head of Business Banking and NEOBiz,Mashreq BankQ.What letter grade would you give your own bank in terms of quality of SME banking services?25Where to begin?We posed the question to bankers,seeking

107、their insights into the most coveted technology thats poised to transform the industry.65%of respondents identified the journey to cloud for business-critical processes,58%of bankers highlighted the potential of AI to enhance credit risk analysis,and 57%advocated making core banking architectures mo

108、dular and flexible(see Figure 8).In addition to these priorities,more than 35%of executives indicated embedded finance and generative AI as transformative initiatives.When it comes to embedded finance,a recent IBM IBV survey revealed that 20%of organizations are live with an embedded finance solutio

109、n,and 51%are in the implementation phase.17 We also surveyed 600 banking executives with decision-making responsibility for AI from strategy to operations across retail,SME,and corporate banking.When asked where they see the greatest business value in the application of generative AI across domains,

110、32%indicated risk and compliance,26%improving client engagement,24%accelerating IT development,and 18%augmenting or automating other support areas.18 Given that banking complies with high fiduciary standards compared to other industries,its starting point with generative AI tends to favor internal a

111、ctivities more often than external processes that directly engage clients.“A key advantage is that we operate our technology in a greenfield,allowing us to innovate freely.Our modern technology stack is very attractive.”Maximiliano Damian Rodrigues General Manager,SME Business,Nubank26“If someone el

112、se destroys our old business model,we will be ruined.But if we destroy our old business model,we will survive.”Nobuhiro Tsunoda Former Chairperson,Ernst&Young Tax Co.,JapanFIGURE 8Banking executives look for sounder IT foundations,an essential precondition for innovation.Q.Select the top 3 technolog

113、ies that will yield the highest business value for SME banking.0%50%25%65%42%38%22%15%Cloud for business-critical processesAI for credit risk managementModular core bankingEmbedded finance Generative AI for client experiencesQuantum-safe cryptographyBiometrics/voice-enabled paymentsFigure 8Banking e

114、xecutives look for sounder IT foundations,an essential precondition for innovation.58%57%Despite the pressing need for transformation in the past decade,many banks have been reluctant to embark on a comprehensive overhaul of business and technology.Instead,theyve opted for a more targeted digitaliza

115、tion.The words of Mario Draghi,former Chair of the European Central Bank,still resonate:“The necessity to adjust the business model to the digitalization,to the changes in technology,is something much more compelling than being angry about negative rates.”19 His cautionary warning serves as a poigna

116、nt reminder that the status quo is no longer sustainable,and that banks must be willing to challenge their conventional thinking.Banks are in danger of being left further behind.The exponential acceleration and widespread availability of LLMs has catapulted generative AI to the forefront of corporat

117、e boardrooms and executive-level discussions.This sudden prominence has transformed AI from a buzzword to a business-critical imperative,as banks look for increased profitability,lower cost to serve clients,and improved risk and compliance.“This shift in mindset is not just an internal transformatio

118、n for the bank,but also a reflection of the digital transition happening in our clients businesses.”Gokhan Koca Global Head of SME Banking,BBVA27 Enhance profitability with digital engagementBankers are acutely aware that clients are rapidly embracing mobile apps to conduct their financial transacti

119、ons.However,they remain skeptical about the likelihood of all SME clients adopting digital consumption in the next three years.This presents a catch-22:SMEs may still be hesitant to adopt digital channels,but banks may not even be providing comprehensive digital offerings.Not all banks are on the sa

120、me page regarding digital-first client behaviors.Half the banks(those below the median point in Figure 9)currently report that less than 30%of SMEs prefer applying for short-term funding on digital.For the other half of banks,they report that 30%to 60%of their SME clients are digitally savvy.All ban

121、ks expect digitally savvy clients to grow in numbers by 2027,with the midpoint increasing from 30%to 45%for short-term funding and 25%to 35%for long-term funding.FIGURE 9Not all banks are on the same track with digital-first engagement,yet all expect to improve.Percentage of clients who prefer digit

122、al instead of branch visits for funding services2024 1st/3rd quartile2027 1st/3rd quartileMedianMin/Max0%20%10%30%40%50%60%70%80%90%100%Short-term funding30%45%Long-term funding25%35%Percentage of clients who prefer digital instead of branch visitQ.Whats the percentage of SME clients who are primari

123、ly accessing your banking services on your mobile app or website,and what is expected in 2027?29SME banking is a harmonious marriage of digital innovation and human connection.Not surprisingly,when banking executives were asked to identify the most crucial initiatives to enhance the management of cl

124、ient relationships,65%emphasized the importance of empowering dedicated relationship managers.These executives expect technology innovation to enable the integration of timely data about clients and their respective industries(51%).They also expect AI-driven automation of campaign efforts to facilit

125、ate proactive outreach(59%).By striking an optimal balance between human touch and digital sophistication,banks can foster more meaningful connections with their clients.“Currently,relationship managers dont report to branch managers.Instead,they primarily visit customers outside the branch,and they

126、 can use any branch in their region if they need physical support.With this model,we are visiting more customers than we had in the past.”Franco Fasoli Head of SME Banking,Santander Brazil30Cutting costsbut not servicesfor efficient SME bankingTo improve cost-to-serve,banks must automate their criti

127、cal business activitiessuch as SME lending operationsend-to-end.Our findings indicate a big disparity among banks relative to their level of automation.For example,in 2024,banks automated between 10%and 65%of their processes for SME borrowing,from applications to approvals.However,there is a consens

128、us that automation will increase within the next three years,with the midpoint reaching 50%for new borrowing and refinancing existing obligations(see Figure 10).FIGURE 10Achieving full automation of key business processes is still a long-term journey.Percentage of processes automatedBorrowing applic

129、ation and approval30%50%Refinance loans or mortgages35%50%Figure 10Achieving full automation of key business processes is still a long-term journey.Percentage of processes automated.0%20%10%30%40%50%60%70%80%90%100%2024 1st/3rd quartile2027 1st/3rd quartileMedianMin/MaxQ.Whats the percentage of end-

130、to-end digital automation of your services for SME banking,and whats expected in 2027?For example,digital onboarding is a critical space to gain banking efficiency and increase relevance to SME clients.When it comes to enhancing the onboarding experience,banking executives overwhelmingly target cent

131、ralizing client data and documents for seamless access and cross-selling opportunities(56%).Similarly,when it comes to streamlining lending processes,the majority(64%)identify the digitalization of documentation as the key initiative to facilitate easier borrowing applications.A striking disparity e

132、merges when considering the importance of implementing performance metrics such as feedback to improve onboarding quality.Despite its critical role in driving excellence,only a mere 34%of banking executives recognize the value of performance metrics in this context.However,banks should move beyond m

133、erely digitalizing analog processes to effectively implement automation.Adopting an AI+approach allows banks to redesign all processes from first principles focusing on simplicity and ease of use,helping ensure that human intervention into operations is only required for exceptions and more added-va

134、lue activities.“Banks are now starting to recognize the importance of better understanding their SME customer base and are working to improve their segmentation and feedback collection.This is crucial,as many SMEs are now migrating to alternative providers in search of better financial services and

135、user-friendly experiences.”Jane Prokop Global Head of SME,Mastercard3132“Improving the accuracy ratio through machine learning has been the enabler that makes our risk management approach fit for a digital multichannel world.”Davide Alfonsi Group Chief Risk Officer,Banca Intesa SanpaoloAI-driven ris

136、k modeling:The key to enhanced security and complianceAccording to the IBM IBV 2024 CEO Study,66%of CEOs acknowledge that the potential productivity gains from automation are so substantial that they must be willing to assume significant risk to remain competitive.Furthermore,a staggering 67%of CEOs

137、 are willing to take more risk than their competitors to maintain their edge in the market.20 As financial institutions work on new technologies,the spotlight shifts to risk management,underscoring the need for advanced risk control and governance.In todays complex financial and technology landscape

138、,risk management and compliance require a holistic approach.The fragmented handling of AI and generative AI use cases can lead to inefficiencies and vulnerabilities.According to IBM IBV 2024 research,only 8%of banks have adopted a systemic approach to implementing generative AI,whereas 78%are deploy

139、ing generative AI use cases in an ad hoc manner as opportunities arise,without a unified strategy.21 This piecemeal approach conflicts with the creation of the necessary controls for mitigating security risks,bias concerns,data protection on an expanded supply chain,and hallucination pitfalls.What i

140、s essential is an AI+approach that is grounded in a consistent,compliant data architecture.While banks address their AI+foundations to scale innovation enterprise-wide,they must also redesign risk management analytics.50%of banking executives indicate difficulties accessing sufficient and reliable d

141、ata to ensure accurate risk estimates.As many SMEs do not maintain standard annual reporting,machine learning enables banks to integrate new data,such as cash flows and transactions,to improve risk management and confidently scale digital lending operations.33When it comes to enhancing the lending p

142、rocesses for SMEs,a significant majority(64%)say that digitalizing documentation for easier application is essential.54%of respondents also emphasize the need for more frequent credit evaluations,incorporating novel data and events to inform their assessments.Also,50%of respondents prioritize increa

143、sing the level of detail in client-specific information to facilitate more accurate credit risk evaluations,pricing,and approval decisions.However,only 22%of respondents acknowledge the critical role that ecosystem collaboration plays in improving access to data.This can be a crucial omission,as cre

144、dit bureaus are not universally available,and the data they provide may be insufficient.Open banking can play a pivotal role in addressing this challenge,facilitating the secure,standardized sharing of financial data.Nevertheless,executives interviewed in The voice of the makers compendium to this r

145、esearch also report encountering resistance from clients who are hesitant to grant access to granular information on payments and transactions.22 As the financial sector continues to evolve,it is essential to find a balance between safeguarding client privacy and promoting information sharing that c

146、an facilitate more informed lending decisions and ultimately drive economic growth.But opening the data coffers for open banking and cloud consumption is not risk free.It requires the application of clear industry standards that align API development with business domains for easier consumption acro

147、ss banking and non-banking ecosystems.This can create efficiency and the potential for risk reduction in cloud journeys(see Perspective,“Hybrid-by-design cloud foundations for SME banking”on page 35).34According to the stark reality of data breaches unveiled by 2024 IBM research,about 40%of all brea

148、ches involved data distributed across multiple environments,such as public clouds,private clouds,and on premises.Fewer breaches involved data stored solely in a public cloud,private cloud,or on premises.23 With data becoming more dynamic and active across environments,its harder to discover,classify

149、,track,and secure.This statistic underscores the pressing need for banks to refine their capabilities in configuring hybrid cloud environments and building secure API connectivity in a way that prioritizes safety and compliance.Research evidence also suggests that human factors play a critical role

150、in this equation.As SMEs migrate their customer interactions to digital platforms and operate on cloud with software-as-a-service(SaaS)solutions,it is essential that they develop a deep understanding of the security measures required.The onus is on both banks and SMEs to recognize the importance of

151、a multifaceted approach to data security,one that encompasses both technological advancements and human factors.By doing so,they can help ensure the integrity of their digital operations across expanded and complex financial ecosystems and supply chains.“It seems that SMEs become more aware of secur

152、ity concerns once theyve had an issue More education is needed for businesses to become more proactive with security measures.”Jane Larimer President and CEO,NachaPerspectiveHybrid-by-design cloud foundations for SME banking35Hybrid-by-design tech architecture lays the groundwork for the kind of lon

153、g-term growth SME bankers expect to serve such a diverse,dynamic market.It deliberately facilitates systems that work together seamlessly,can scale for growth,and are built to last.But navigating hybrid architecture requires careful orchestration.Streamlining data movement between on-premises and cl

154、oud environments,along with robust security protocols,is crucial.The potential rewardsfaster innovation cycles,cost optimization,and a future-proofed AI strategyfar outweigh challenges.Strong tech architecture bridges this gap by creating a shared language between business and IT.By defining the tec

155、hnology roadmap and aligning it with business goals,architecture fosters collaboration where both sides work together to achieve objectives.As business needs change,architecture flexes so that it drives to the right outcomes at the right time.Adopting hybrid-by-design cloud techniques and practices

156、enables organizations to manage integrated operations that achieve four distinctive levers of value:Shared language between business and IT.Standardize using open technologies and ecosystems,simplifying skill requirements.Security first.Help to secure,govern,and operate consistently across deploymen

157、t locations with resilience.Power of choice(flexibility).Deploy application components to any compatible platform in any connected data center,including on premises,public cloud,and at the edge.Rocket-fueled application development.Simplify and accelerate application development as their need to ser

158、ve SME markets evolves(for example,real-time user data,personalization,and rapid deployment).The result is that business ideas can be engineered fast and operated automatically to compete in a dynamic SME market.And the business shifts from cloud as infrastructure to hybrid-by-design operating model

159、s.36ConclusionSME banking is a critical opportunity for banks looking to improve financial performance.SMEs are 90%of all firms,70%of the workforce,and 50%of GDP worldwide.24 And they demand innovative banking solutions that can cater to diverse needs in real time.The challenge for banks is that SME

160、 markets are very heterogenous,both geographically and across sectors.Historically,serving such a varied market efficiently was not feasible due to cost constraints and risk management roadblocks.However,recent advances in AI can unlock new opportunities that neobanks are already rapidly pursuing.Fo

161、r banks to compete and succeed,they must shift from a traditional inward focus to a broader ecosystem mindset while preserving profitability,efficiency,and risk management.Because our survey reveals a disparity between banking executives opinions and actual needs of SMEs,we believe our research will

162、 help inform more business-oriented technology investments.After reading our extensive research,youve undoubtedly realized that banks must keep ahead of this rapidly evolving SME landscape.As our guiding actions outline,this requires continuous thought and a consultative approach to harnessing AIand

163、 its imperative to get started now.“Time is money,as the saying goes.And banking often means the time that business owners must take away from their core activities.Thats why,to create trusted value and relationships,we must be obsessed with helping clients save time while banking with us.”Maximilia

164、no Damian Rodrigues General Manager,SME Business,NubankAction guideDrive growth with differentiating client experiences.In a market where very few banks excel at SME banking,those that differentiate their client experience will gain a significant competitive advantage.By understanding each clients s

165、pecific sector,business cycle,and challenges,banks can offer customized solutions beyond banking that not only meet but anticipate client needs,fostering deeper relationships and driving growth.Lower the cost to serve while increasing service granularity.To compete and increase profitability,banks m

166、ust also focus on lowering the cost to serve SMEs while expanding their offers.By going beyond automation of routine tasks,and embracing an AI+approach,banks can meaningfully increase efficiency of their services.Yet,to successfully balance efficiency with efficacy,banks must also invest in modular

167、core banking that preserves capabilities to customize offerings to markets,sectors,and client needs.Compete in the SME market and manage the risks.SMEs often struggle with access to finance at convenient prices due to structural deficiencies in the data needed to run banks risk management models.Ban

168、ks can overcome this challenge by helping clients to increase their digital footprint and capture new sources of data that feed AI-driven credit risk modeling.This improved accuracy allows banks to support a wider range of SMEs while maintaining financial stability.123Three imperatives emerge along

169、the core pillars of banks economic models.37Shanker RamamurthyGlobal Managing Partner,Banking and Financial MarketsIBM C serves as IBM Consultings Global Managing Partner for Banking and Financial Markets with a particular focus on core banking modernization and payments transformation.He is a membe

170、r of the IBM Acceleration Team.He is a well-known thought leader with multiple patents,has authored several white papers,and was ranked as one of the 50 most influential financial services consultants worldwide by Euromoney magazine.John J.Duigenan General Manager,Financial ServicesIBM Technology is

171、 the IBM Technology Global Industry Leader for Banking and Financial Markets and Insurance.He works daily with clients and partners providing technical leadership,understanding of clients requirements,and in-depth industry expertise,coupled with technical skills and solutions for driving transformat

172、ive banking.Prior to serving in the industry leadership role,John was the Distinguished Engineer and CTO IBM partner for Citigroup.During his time with Citigroup,John provided technical leadership and oversight for the consumer bank,the digitization of the wholesale banks client channels,and the dep

173、loyment of workloads to cloud.About the authors38Hans Tesselaar Executive DirectorBIAN is the Executive Director of the Banking Industry Architecture Network(BIAN)and responsible for day-to-day operations,public relations,new member acquisitions,and long-and mid-term strategy.He brings over 30 years

174、 experience in the financial services industry,including providing expertise to banks,insurance companies,and pension funds.His special areas of knowledge and industry expertise are enterprise architecture,banking transformation,IT strategy,and API and microservices development and implementation.Be

175、fore joining BIAN,Hans held management positions within ING Insurance as Chief Architect,Director Sourcing,Innovation and Governance(Director CIO Office),and Program Director.Paolo Sironi Global Research Leader,Banking and Financial MarketsIBM Institute for Business Value is a Global Research Leader

176、 in Banking and Financial Markets at the IBM Institute for Business Value.He is a former startup entrepreneur and risk manager in investment banking.Paolo is a respected fintech voice worldwide and hosts the“The Bankers Bookshelf”podcast on Breaking Banks.He is a recognized author on quantitative fi

177、nance,banking,and fintech innovation.His latest bestseller,Banks and Fintech on Platform Economies,earned a prominent space in the libraries of curious bankers and fintech entrepreneurs.3940Study approach and methodologySME owner and manager survey In June 2024,the IBM Institute for Business Value(I

178、BM IBV)surveyed more than 1,000 SME owners and managers equally distributed across nine countries to explore their banking needs and how they are adapting to the progressive availability of digital services.This is relevant to understanding where and how to calibrate SME banking strategies to better

179、 serve clients and accelerate return on investment.While not all countries are represented,those selected,as well as the variety of business sectors,make the analysis indicative of behavioral shifts in key regions and markets.Banking executive survey In June 2024,we surveyed almost 700 banking execu

180、tives across 25 countries to explore how their institutions are competing in SME banking.We learned where they are in implementation of new solutions,which hurdles they encountered,and how they resolved key challenges to accelerate transformation.One-on-one interviews with financial services executi

181、ves Between June and August 2024,we conducted a set of one-on-one interviews with executives at financial institutions and fintech startups.We learned what truly matters in SME banking and digital transformation from the professionals who work in the field.Their expert contributions can be found in

182、the multiple quotes enriching this paper,all sourced from our upcoming compendium,The voice of the makers.Expert contributorsExpert contributors from the SME Finance Forum,managed by IFCQamar SaleemGlobal Head SME Finance Forum,managed by IFC qsaleemifc.org KushnirKnowledge Management and Content Le

183、ad SME Finance Forum,managed by IFC kkushnirworldbank.org Y.TilyayevLead for Banking Advisory Services,Financial Institutions Group,Central Asia IFC utilyayevifc.org expert contributors Dr.David VanderCEO LiveTiles Limited IBM expert contributors Diane Connelly Global Research Leader,Banking and Fin

184、ancial Markets IBM Institute for Business Value Loessl Associate Partner,Core Banking and Payments IBM Consulting 41Related reportsEmbedded financeEmbedded finance:Creating the everywhere,everyday bank.IBM Institute for Business Value in partnership with BIAN and Red Hat.September 2023.https:/ibm.co

185、/embedded-finance2024 Global Outlook2024 Global Outlook for Banking and Financial Markets.IBM Institute for Business Value.February 2024.https:/ibm.co/2024-banking-financial-markets-outlook6 hard truths CEOs must face2024 Global C-Suite Series.6 hard truths CEOs must face:How to move forward with co

186、urage and conviction in the age of AI.IBM Institute for Business Value.May 2024.https:/ibm.co/c-suite-study-ceoIBM Institute for Business ValueFor two decades,the IBM Institute for Business Value has served as the thought leadership think tank for IBM.What inspires us is producing research-backed,te

187、chnology-informed strategic insights that help leaders make smarter business decisions.From our unique position at the intersection of business,technology,and society,we survey,interview,and engage with thousands of executives,consumers,and experts each year,synthesizing their perspectives into cred

188、ible,inspiring,and actionable insights.To stay connected and informed,sign up to receive IBM IBVs email newsletter at can also follow us on LinkedIn at https:/ibm.co/ibv-linkedin.The right partner for a changing worldAt IBM,we collaborate with our clients,bringing together business insight,advanced

189、research,and technology to give them a distinct advantage in todays rapidly changing environment.About Research InsightsResearch Insights are fact-based strategic insights for business executives on critical public-and private-sector issues.They are based on findings from analysis of our own primary

190、 research studies.For more information,contact the IBM Institute for Business Value at .421“Financial Institutions Group(FIG)MSMEs.”International Finance Corporation(IFC).https:/www.ifc.org/content/dam/ifc/doc/2024/msme-s-factsheet-ifc-financial-institutions-group.pdf2 Ibid.3 Ibid.4“Financing SMEs a

191、nd Entrepreneurs:An OECD Scoreboard.”OECD.March 21,2024.5 Ibid.6 Ayyagari,Meghana,Asli Demirg-Kunt,and Vojislav Maksimovic.SME Finance.Policy Research Working Paper.World Bank Group.November 2017.https:/documents1.worldbank.org/curated/en/860711510585220714/pdf/WPS8241.pdf7“Financial Institutions Gr

192、oup(FIG)MSMEs.”International Finance Corporation(IFC).https:/www.ifc.org/content/dam/ifc/doc/2024/msme-s-factsheet-ifc-financial-institutions-group.pdf8 AI revolution:productivity boom and beyond.Impact series.Barclays and IBM.2024.https:/www.ib.barclays/content/dam/barclaysmicrosites/ibpublic/docum

193、ents/our-insights/AI-impact-series/ImpactSeries_12_brochure.pdf9 Ibid.10 Ibid.11 Ibid.12 Based on IBM IBV interviews with clients.The voice of the makers publication pending October 2024.13 Ramamurthy,Shanker,John J.Duigenan,and Paolo Sironi.2024 Global Outlook for Banking and Financial Markets.IBM

194、Institute for Business Value.February 2024.https:/ibm.co/2024-banking-financial-markets-outlook14 Ramamurthy,Shanker,John J.Duigenan,Hans Tesselaar,Hctor Arias,and Paolo Sironi.Embedded finance:Creating the everywhere,everyday bank.IBM Institute for Business Value in partnership with BIAN and Red Ha

195、t.September 2023.https:/ibm.co/embedded-finance15 Islam,Asif Mohammed,Rodriguez Meza,and Jorge Luis.How Prevalent Are Credit-Constrained Firms in the Formal Private Sector?Evidence Using Global Surveys(English).Policy Research working paper;no.WPS 10502 Washington,D.C.World Bank Group.June 26,2023.h

196、ttp:/documents.worldbank.org/curated/en/099344506262340821/IDU00bc67ef80419304a7c083000a12355f3b31616 Ramamurthy,Shanker,John J.Duigenan,Hans Tesselaar,Hctor Arias,and Paolo Sironi.Embedded finance:Creating the everywhere,everyday bank.IBM Institute for Business Value in partnership with BIAN and Re

197、d Hat.September 2023.https:/ibm.co/embedded-finance 17 Ibid.18 Ramamurthy,Shanker,John J.Duigenan,and Paolo Sironi.2024 Global Outlook for Banking and Financial Markets.IBM Institute for Business Value.February 2024.https:/ibm.co/2024-banking-financial-markets-outlook19“Mario Draghi,President of the

198、 ECB,and Luis de Guindos,Vice-President of the ECB.Frankfurt.”Introductory statement.Press conference.European Central Bank.September 12,2019.https:/www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2019/html/ecb.is190912658eb51d68.en.html20 2024 Global C-Suite Series.6 hard truths

199、CEOs must face:How to move forward with courage and conviction in the age of AI.IBM Institute for Business Value.June 2024.https:/ 21 Ramamurthy,Shanker,John J.Duigenan,and Paolo Sironi.2024 Global Outlook for Banking and Financial Markets.IBM Institute for Business Value.February 2024.https:/ibm.co

200、/2024-banking-financial-markets-outlook22 Based on IBM IBV interviews with clients.The voice of the makers publication pending October 2024.23 Cost of a Data Breach Report 2024.IBM Security.July 2024.https:/ Institutions Group(FIG)MSMEs.”International Finance Corporation(IFC).https:/www.ifc.org/cont

201、ent/dam/ifc/doc/2024/msme-s-factsheet-ifc-financial-institutions-group.pdfNotes and sources 43 Copyright IBM Corporation 2024IBM Corporation New Orchard Road Armonk,NY 10504Produced in the United States of America|September 2024IBM,the IBM logo, and Watson are trademarks of International Business Ma

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205、 not be responsible for any loss whatsoever sustained by any organization or person who relies on this publication.The data used in this report may be derived from third-party sources and IBM does not independently verify,validate or audit such data.The results from the use of such data are provided on an“as is”basis and IBM makes no representations or warranties,express or implied.VWRYGQJD-USEN-0243