Strands’ Head of Product, Claudio Cungi, chats to SME Banking Club’s CEE Regional Manager, Olena Grinyuk, about the key benefits of Strands’ BFM solution, particularly in a SaaS model.
During the ‘How Can Banks Build Stronger Relationships With SMEs?’ webinar, organized by SME Banking Club, Claudio discussed how Open Banking is changing the way financial services are consumed, and went over some of the biggest disruptors in the industry. The FinTech space is thriving and we are seeing numerous new tools and business models rising. This new wave of banking services –more flexible and personalized– has increased customer expectations, putting pressure on traditional financial institutions.
The conversation addressed the needs and habits of small business owners, which undoubtedly form the backbone of the global economy and are a key market segment for banks to drive growth and generate new revenues. Now more than ever, SMEs need tools that allow them to monitor the generation of cash flow and the status of payments, and that take into account their increasing level of digital literacy.
White-label financial management solutions such as Strands BFM make it possible to serve the vast SME segment. The platform is available for On-Premise deployment and in a Saas model, which delivers greater flexibility and allows financial institutions to reduce costs related to installing and maintaining infrastructure.
Claudio also gave an overview of some institutions that are already using BFM, and the benefits this solution brings to banks and customers.
Benefits for the BFM User
- Easy and fast adoption
- Past and forecast flow monitoring
- A holistic view of their finances
- Improved financial education
Benefits for the Bank
- Higher retention and engagement
- Boosting cross-selling capabilities
- Dataset enrichment
- Increased acquisition
The webinar was followed by a Q&A session. You can watch the session in full here:
The conversation continues… Next Friday, April 23, Strands will take part in a roundtable discussion on building an e-invoicing & payment ecosystem for SME customers. Check out the agenda and register here.