TECHNOLOGY IS KEY TO UNLOCKING THE SME CUSTOMER BASE
would be if providers could better meet their needs . As it stands , 20 % of SMEs cited trust in the brand as the number one reason for the choice of their current bank , but only 10 % and 6 % chose digital services and innovation respectively . This highlights how the digital propositions are becoming a necessity to modern businesses , and something that financial institutions that need to take advantage of to encourage switching and further competition in the market .
TECHNOLOGY IS KEY TO UNLOCKING THE SME CUSTOMER BASE
While human interaction remains important to some , SMEs are increasingly favouring a technology and data- led approach to banking that removes in-branch interactions . Over half ( 52.1 %) of respondents would value an app that gave them access to all their banking facilities in one place , and more than a third ( 37 %) are comfortable with having little to no human interaction with their business banking interactions .
Not innovating purely for innovation ’ s sake is key - it should be about finding ways you can use technology to find the sweet spot and add real value to your
bottom line while delighting customers .
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