Better together: Holistic SME banking solutions 18 May 2021
Small and medium-sized enterprises (SMEs) have an outsized impact on the global economy. They represent 90% of all businesses, employ roughly 70% of all workers globally and produce up to half of GDP. Though they have suffered disproportionately during the Covid-19 pandemic and many have been forced to shut their doors or adopt new business models, the entrepreneurial spirit means every day is an opportunity to reimagine, refresh, and reinvent.
As we traverse the road to recovery across the globe, SMEs are being created, reopened, and renewed. Their needs are not only evolving, but growing. In their financial partners, business owners are seeking more than just loan providers. They need partners who can provide holistic business services that enable owners to focus on what really matters: their customers. It is this trend that is fueling the growth in partnerships, with payments providers and banks expanding their offerings via collaboration.
This paper is the result of a number of webinars conducted with our SME banking community at Efma, led by Lukas Dzuroska. The community is full of expert practitioners with a deep understanding of industry trends. Partnerships will only continue to grow in importance and we wanted to spotlight them with this report. We hope you find the insight illuminating.