Over the years, financial institutions worldwide have implemented new cutting-edge technologies to improve their services and enhance the consumer experience. From chatbots to automatic bill payments, from fingerprint and touch ID to facial recognition, banks have not been shy about introducing new features in their mobile applications and other platforms. Even though, these facilities do not mark the full extent of their efforts to satisfy customers, over nine out of ten Americans rate these services a grade of good or excellent. Today, due to the obsession with needs of commoners, these institutions have probably overlooked the requirements of their business customers. This could be a costly mistake in the foreseeable future as the rate of entrepreneurship in the U.S has increased by 15 percent from 2014 to 2016. As such, these businesses could create a better and profitable revenue stream for banks once they flourish.
What Can Banks Do To Better Serve Businesses?
Banks can help businesses mitigate their problems by introducing new value-added services, ensuring loyalty and revenue. Financial institutions can partner with fintech startups to develop and launch a solutions marketplace to meet the expectations of small businesses or SMEs regardless of their industry or requirements. From load origination wizard to specialized accounts payable systems, fintech firms can build advanced solutions, while banks retain cost advantages in most cases. The partnership can be advantageous to both parties as both can leverage and access valuable corporate data held by businesses, which can generate leads to better product offerings. Additionally, improving product interoperability can help banks rectify their mistake and remain the go-to financial service providers for businesses.
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