SMEs using FinTechs Products and Services

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.

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