Getting to know SME customers early and often reduces the overall risk that banks fear from this customer base.
From a more human form of connection comes security and trust, which isn’t earned solely through the traditional transactional duties that banks have historically fulfilled. By helping entrepreneurs make confident decisions using data and business intelligence while providing hands-on consulting from expert personnel and access to a larger community, banks can be trusted partners in business rather than a place to merely tick boxes off a financial to-do list. Banks should take it upon themselves to set these holistic strategies in place specifically for SME owners, who are embarking on one of the most important journeys they’ll take over the course of their lives. The raw passion that comes from entrepreneurs serves as inspiration and fuel for a relationship that transcends the usual expectations of banks, who can scale services and support for SMEs on a long-term continuum.