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How can SME banks leverage Open Banking analytics to attract and retain new customers?
Stranders Brian Stewart, Business Development Manager, and Leandro Gimeno, Head of Global Sales, joined SME Banking Club’s Olena Gryniuk for an insightful webinar on Open Banking analytics and the challenges that the SME banking ecosystem is facing.
In the 30-minute chat, Brian and Leandro discussed how financial institutions can leverage Open Banking analytics to gain visibility and increase customer loyalty within the SME space.
The Challenge at Hand? Becoming Relevant to SMEs
Traditional banks are being threatened. Many neobanks are providing SMEs with the personalized, customer-centric BFM tools they need to manage their business effectively, and incumbent banks aren’t reacting quickly enough.
“SME banks need to become relevant to SMEs. They need to make sure that they’re providing financial products and services that are actually helping their customers. Behind an SME, there’s a lot of financial transactions going on, and what SMEs are looking for is for a bank to consolidate all these transactions into one offering.” Brian Stewart, Business Development Manager at Strands.
Luckily, Open Banking brings SME-banking companies a host of new opportunities. For example, financial institutions can now partner with third parties that can help them to provide their customers with best-in-class money management solutions.
Check out the full webinar above and find out more about how banks can seize artificial intelligence and Open Banking opportunities to become more relevant than ever to SME customers.