Banking in the Digital First World: A New Reality for SME Banking
SMEs have continued to face hardships, despite being a vital source to economic growth. One issue regarding SMEs, is their ability to “outpace” banks.
In the report by Medici, solutions for this problem included: cognitive accounting platforms, invoice discounting, e-invoicing, SME credit scoring & lending, API-based bulk payouts, expense management and cash flow solutions.
One solution that stood out according to the report, was the end-to-end banking services on the mobile /online channels provided by the digital-only challenger banks.
The challenger banking landscape, according to the article, is an amalgamation is an amalgamation of non-licensed over the top banks, digital initiatives of traditional banks, marketplaces, and licensed challenger banks.