them understand and manage their business . Number one is joining accounting , invoicing and banking so when invoices come in the system books them into your savings account and accountancy package recognising you need to save a contribution towards tax - that kind of functionality is incredibly valuable . The other key area lies in providing analysis , insight , forecasting and nudges as to how best to manage cashflow scenarios from a base level aggregated view of your business finances . It comes to life when you start adding guidance and ways to help business owners make better decisions for financial efficiency .
While we cannot deny the dominance of established financial institutions in the market , the disruptive presence that challenger banks are already making in the industry shouldn ’ t be overlooked . While SMEs may be somewhat comfortable now , the reasons to switch accounts to non-traditional banking partners are becoming ever more enticing and compelling . Coupled with the growing recognition amongst SMEs that they should be embracing a financial service that facilitates the innovative new propositions that they ’ re ultimately looking for , the momentum that challenger banks now have won ’ t be slowing down soon .
61 www . gigabitmagazine . com