Building a bank for smaller businesses.

In this fascinating episode of The Fintech Show, get an insight into how banks effectively serve SMEs today and in turn what those businesses are looking for from their bank.

James Holian from NatWest, Niall Devlin from Bank of Ireland and Edgardo Torres-Caballero from Tuum discuss the advanced technologies and data analytics that are needed to meet the diverse needs of SMEs and how banks can get tooled up to leverage them.

Of course, this has to be balanced with a human banking experience and our guests point out how essential this is to staying competitive in business banking. There’s thoughts on how SMEs adapt to the current economic climate and how partnerships and collaboration with fintechs are more prevalent than ever. It’s a must watch.

Digital transformation has had a seismic effect on modern banking already, but it’s always continuing. In this episode of The Fintech Show, Tuum CRO, Torres-Caballero, emphasises the necessity for financial institutions to make sure they’re ready for advanced technologies that meet the evolving needs of their customers.

He highlights that embracing digital platforms is vital for launching services rapidly and meeting customer requirements. By integrating APIs, banks can improve onboarding processes and risk validation, while fintech partnerships can enhance the overall customer experience. He also points out that digital transformation allows banks to bolster their data analytics capabilities and explore the potentials of artificial intelligence.

Moving away from a one-size-fits-all approach, this technology actually allows banks to better serve SMEs with differing needs. Modern, cloud-based technology is also essential for maintaining up-to-date, cost-effective systems that support sustainable growth and operational efficiency.

Both James Holian, the MD of Business Banking at NatWest, and Niall Devlin from Bank of Ireland discuss the diversity of small businesses and the necessity for banks to offer both digital and human support. Holian says that NatWest aims to be the number one bank for small businesses in the UK by combining the best technology, whether developed in-house or sourced externally, to create exceptional customer propositions.

He makes the suggestion that banks today are essentially technology companies, with their products and services increasingly digitized and highlights NatWest’s commitment to providing dynamic, responsive services, facilitated by partnerships with various fintechs. Echoing Torres-Caballero’s thoughts above, this approach helps them leverage data to offer tailored financial advice and support for borrowing and growth, even amidst uncertain economic conditions.

Devlin, the Head of Business Banking at Bank of Ireland, takes us back to the most important stakeholders in this relationship and reflects on the resilience of businesses in the face of challenges such as Brexit, COVID-19, and global political instability. He notes that the current high interest rate environment presents an opportunity for banks to help businesses maximise their liquidity. He also underscores the critical role of technology in enabling efficient and effective banking services, from simple transactions to complex applications.

However, he does point out how important in-person services are, through branches and regional business centres. This dual approach ensures that Bank of Ireland can meet the needs of all customers, regardless of their technological proficiency. Interestingly, there’s also some thoughts about the bank’s efforts to support entrepreneurship through partnerships and educational initiatives.

Balance is key it would seem! Tune in to find out more and be sure to catch more of our great flagship shows on our website.