TREND 4: A fresh look at the SME experience
It’s no secret that small and medium-sized enterprises (SMEs) have a relatively disengaged relationship with their bank, with most regarding business banking as a commodity. In 2023 we expect commercial banks to look beyond their current SME approaches and become valued business partners to their smaller customers. In the process they will capitalize on new possibilities and markets. These include embedded finance and value-added services. By helping small businesses manage more of their pain points—often by partnering with non-financial firms whose services have value for SMEs—banks will find it possible to move from competing on price to competing on value.