APAC CIOOutlook

Advertise

with us

  • Technologies
      • Artificial Intelligence
      • Big Data
      • Blockchain
      • Cloud
      • Digital Transformation
      • Internet of Things
      • Low Code No Code
      • MarTech
      • Mobile Application
      • Security
      • Software Testing
      • Wireless
  • Industries
      • E-Commerce
      • Education
      • Logistics
      • Retail
      • Supply Chain
      • Travel and Hospitality
  • Platforms
      • Microsoft
      • Salesforce
      • SAP
  • Solutions
      • Business Intelligence
      • Cognitive
      • Contact Center
      • CRM
      • Cyber Security
      • Data Center
      • Gamification
      • Procurement
      • Smart City
      • Workflow
  • Home
  • CXO Insights
  • CIO Views
  • Vendors
  • News
  • Conferences
  • Whitepapers
  • Newsletter
  • Awards
Apac
  • Artificial Intelligence

    Big Data

    Blockchain

    Cloud

    Digital Transformation

    Internet of Things

    Low Code No Code

    MarTech

    Mobile Application

    Security

    Software Testing

    Wireless

  • E-Commerce

    Education

    Logistics

    Retail

    Supply Chain

    Travel and Hospitality

  • Microsoft

    Salesforce

    SAP

  • Business Intelligence

    Cognitive

    Contact Center

    CRM

    Cyber Security

    Data Center

    Gamification

    Procurement

    Smart City

    Workflow

Menu
    • Cyber Security
    • Hotel Management
    • Workflow
    • E-Commerce
    • Business Intelligence
    • MORE
    #

    Apac CIOOutlook Weekly Brief

    ×

    Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from Apac CIOOutlook

    Subscribe

    loading

    THANK YOU FOR SUBSCRIBING

    How Small Business Banking is Moving towards Modernization

    Financial institutions should embrace the changes to provide better service to their customers. Some applications are there that provide virtual account management functionality for small to medium-size businesses (SMBs) and deliver legacy... 

    How Small Business Banking is Moving towards Modernization

    By

    Apac CIOOutlook | Wednesday, January 30, 2019

    Stay ahead of the industry with exclusive feature stories on the top companies, expert insights and the latest news delivered straight to your inbox. Subscribe today.

    Small businesses are followed by some disruptors that banks should call upon to protect their customer base. Financial institutions should embrace the changes to provide better service to their customers. Some applications are there that provide virtual account management functionality for small to medium-size businesses (SMBs) and deliver legacy capabilities. Following are some of the predictions for SMBs as banks are shifting from traditional technologies and embracing open banking or virtual cards in their systems:

    API (Application Programming Interfaces) Ecosystems: Small businesses have spoiled in the aggregation of available data. Some comparison sites help small businesses to make the right choices by collecting data from multiple sources and present it to them. Today the ecosystem which was prevalent in other industries has become available to the mainstream banking audience. The balances and financial information of a business aggregated from multiple sources and stored in one place.

    Check this out: Top Finance Technology Solution Providers (Aptiture, entrust datacard, Fastacash)

    Banking: SMB owners have two main banking providers, one is card provider and another one is banking partner. The payments go through one and the card purchases on the other. API ecosystem supports businesses to use banking with multiple organizations. Also, helps to choose services from different providers with the choice of service and price. The business will be able to keep the process effective by changing providers.   

    One-Time-Use card funding: Virtual cards have evolved transaction processes. This enables the Small Medium Business to use their credit line for funding with lower interchange fee and helps to fund by monthly interest payment. It makes card issuers aware of the need for businesses to get hard cash. Business owners can use cards whenever they need cash or return cash.

    Banking as a service: There has always been a gap between the software and the bank. The inclusion of API makes packages plug straight into the bank. Debits and posted payments can be drawn into the infrastructure automatically. The business owners can use the banks the way they want to.

    Business apps: Open banking allows businesses to a service bank account using a third-party service. Business applications help businesses to develop, alert in cases of low cash, shows comparable insurance products and bank charges. Apps aid to replace the traditional services.

    More in News

    AI's Role in Apac's Digital Transformation Journey

    AI's Role in Apac's Digital Transformation Journey

    Role of Blockchain in Fostering a Trust-Based Economy

    Role of Blockchain in Fostering a Trust-Based Economy

    Revolutionizing Healthcare Through 5G Technology

    Revolutionizing Healthcare Through 5G Technology

    The Journey Towards Smart City Development

    The Journey Towards Smart City Development

    I agree We use cookies on this website to enhance your user experience. By clicking any link on this page you are giving your consent for us to set cookies. More info

    Copyright © 2025 APAC CIOOutlook. All rights reserved. Registration on or use of this site constitutes acceptance of our Terms of Use and Privacy and Anti Spam Policy 

    Home |  CXO Insights |   Whitepapers |   Subscribe |   Conferences |   Sitemaps |   About us |   Advertise with us |   Editorial Policy |   Feedback Policy |  

    follow on linkedinfollow on twitter follow on rss
    This content is copyright protected

    However, if you would like to share the information in this article, you may use the link below:

    https://www.apacciooutlook.com/news/how-small-business-banking-is-moving-towards-modernization-nwid-6001.html