In emerging countries, SMEs contribute up to 40% of national income and create 60% of their country’s jobs. However, despite the critical role they play in shaping their countries economic scene, most SMEs remain underserved when it comes to banking.
Traditional banks are not proving to be sufficient for SMEs. Most of these banks create financial packages that are either designed for either large businesses or for retailer customers, neither of which are very useful to SMEs. In 2020, banks cannot use a one-size-fits-all approach and be everything for everyone.
SME banking is getting disrupted by new entrants in emerging markets, making it easy for SMEs to start new banking relationships and conduct transactions that are not just limited to finance but extend to their entire supply chain and trade relationships. Banks need to revamp their traditional banking landscape and innovate for SMEs to tap into this lucrative segment and design a winning proposition for them.
In this new white paper produced, we explore:
- Key differentiators that make an SME unique
- The glaring gap in SME banking
- How banks can change their SME narrative for a winning proposition