Appetite for digitisation

The SME segment is growing fast. So are its technology needs. Can you meet them?

27 September 2019

SMEs are no longer just traditional outlets manufacturing goods and then selling them on local markets.

With constant technological progress and stiff competition, many new start-ups expand their business activity and go global. They grow in wealth, number and significance: according to Accenture, only in the UK SMEs constitute 99.9 percent of all businesses, generating approximately half of the private sector’s turnover. It’s quite the same in Austria, Germany, Poland or Romania.

At the same time, says EY, SMEs of today have a greater appetite for tailor-made products and services. Not just the most popular ones: online, branch-based, and mobile banking, but also accounting, invoicing in the cloud or Business Intelligence.

Banks wanting to respond to that might just look back at the year 1776.

It was the time when Adam Smith observed that workers' productivity is related to their specialisation and division of labour.

The way it relates to banks is that the most successful ones, while doing what they do best – banking, form close partnerships with fintechs. Think open APIs and all that follows. The goal is to offer more services. Better services. Waiting for a loan takes forever? Forget about it, with us, you’ll get the money in a few minutes – but we won’t be the ones actually giving it to you.

Right. Welcome to the fintech era.

At Comarch, we are now working toward such model with the Comarch SME Banking system. And we’re being noticed: both Celent and Gartner had appreciated our long-term expertise and full digital offerings in both online and mobile banking.

In my career, I’ve been privileged to meet representatives of many different banks. I’ve seen them work: some still process loans or trade finance documents in spreadsheets. You don’t want to be that guy. Because it is not the strongest of the species that survives, nor the most intelligent one. It is the one that is the most adaptable to change.

It’s so telling that these words, attributed to Charles Darwin, fit the banking realm so well, the one where the change is constant and inevitable. And they fit the SME banking segment especially – like a glove.

No bank has the same offering and needs – there are always differences in terms of processes, scope and products. But each and every bank must not leave its customers’ appetite unsatisfied.

And that’s where we come in.

To learn more about Comarch SME Banking system click here.

By Michal Pisowodzki, business development manager, Comarch

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