According to EY 2019 Global Fintech Adoption Index, 25% of SMEs worldwide have used services in the past six months provided by FinTechs in all of these four categories:
• Banking and payments
• Financial management
• Financing and
• Insurance.
This clearly is an opportunity for banks to explore by
• Providing working capital to the SMEs
• Providing enhanced customer experience
• Quick digital onboarding
• Leveraging on new tech to conduct KYC and AML
• Automated credit decision
• Digitizing invoicing and quick, safe, secure and transparent payments
• Conversational banking
Let the SMEs focus on running their businesses.[/vc_column_text][/vc_column][/vc_row]
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