In today’s fast-paced business landscape, small and medium-sized enterprises (SMEs) play a crucial role in driving economic growth. In Turkey, SMEs account for a significant portion of employment and contribute substantially to the country’s exports. Recognizing the importance of SMEs and their unique challenges, Akbank has embarked on a transformative journey to revolutionize its relationship with SME customers through digital innovation.
Introducing the Business Financial Management (BFM) Platform:
At the heart of Akbank’s digital transformation lies the groundbreaking Strands Business Financial Management (BFM) platform. This innovative solution is designed to empower SME customers by streamlining financial processes and enabling uninterrupted business operations. The BFM platform leverages cutting-edge technologies, such as data enrichment, artificial intelligence (AI), and proactive insights led by Strands Engager, to provide SMEs with personalized and comprehensive financial management tools.
Seamless and Personalized Financial Services:
With Strands BFM and Engager platform, Akbank offers SME customers a seamless and personalized banking experience like never before. Through an AI-powered system, historical and current transactional data are analyzed to track daily transactions, summarize cash balances, and provide personalized transaction calendars. This level of financial visibility empowers SMEs to make informed decisions, optimize cash flow, and improve their overall financial health.
The Strands Partnership:
To bring the BFM to life and generate Insights in real time, ensuring a quick and successful launch, Akbank forged a strategic partnership with Strands. Strands’ BFM and Engager technology became the backbone of Akbank’s digital transformation journey, enabling the integration of powerful dashboards and features that enhance the customer experience. This partnership not only accelerated the time-to-market but also ensured the delivery of a world-class solution.
Driving Growth and Engagement:
The results of Akbank’s digital transformation efforts are impressive. KPIs such as cross-selling ratio, customer retention, and engagement levels have witnessed significant improvements. The personalized recommendations and tailored financial solutions powered by the BFM and Engager platform have driven higher customer engagement and loyalty. Akbank’s commitment to understanding SMEs’ specific needs and providing holistic banking and beyond banking solutions has truly set them apart.
Akbank’s journey of digital transformation is far from over. The bank continues to invest in innovation, leveraging data, AI, and personalized insights to deliver even more proactive and contextual financial advice for SME customers. The goal is to create an ecosystem where SMEs can thrive, focusing on their core business while Akbank handles the rest. By constantly advancing their services and staying customer-oriented, Akbank aims to remain a trusted partner to SMEs and a pioneer in the banking industry.
Watch our interview video to learn more about how Akbank’s digital transformation is revolutionizing the SME banking landscape and empowering businesses to thrive.