This was the discussion today during SME Banking Club’s webinar, organized together with SaaScada and Allica Bank.
Why do we discuss that topic with them?
Allica Bank is an example of a bank built specially to serve SMEs in the UK. Its business model combines modern tools and technology with human relationships and tailored expertise to empower business owners with tools for their business success. The bank won numbers of awards. SaaScada is the provider of the core system for Allica Bank.
We concluded that offering the best SME banking means the ability to understand the specific needs of SMEs and cover those needs (Keith Middlemass (COO at Allica Bank) stressed that very rightfully). As simple as that. In theory. In practice, this is rare.
Allica Bank found that in the UK businesses from 10 up to 250 employees do not receive good service. When you’re a sole entrepreneur – you receive perfect services, and when you’re a corporate customer – it’s perfect as well. However, the segment of companies between micro and large corporations is not served well.
Allica Bank decided to cover this gap and offer its services to SMEs.
How? By providing simple, quick services, and a balance between digital channels and human touch.
And do not cause the customers to have a conversation with the bank. Ideally, all customers want a self-service, as Nelson (Nelson Wootton, CEO & Co-fiunder at SaaScada) mentioned. Customers want to do banking (even if they think about that) when and where they want. Only when they need some advice, they would like to talk to a person.
The other important thing about knowing the customer, and understanding their needs is data. The data-driven decision, data-driven next product offer. Real-time data. This is what is lacking in the whole CEE region right now. Centralized data about the customer, customized offers based on that data, and real-time data when managing the bank. And this is what SaaScada help banks to have in their hands.
Probably the next customer journey will be embedded transfers and payments into the e-invoicing and accounting platforms. SMEs do not need transactional banking as a separate service. These were the banks that made customers log in the online banking and see on the dashboard the list of accounts or transactions. What customers need more is to pay for the cost invoices and get paid for issued invoices, so the e-invoicing platform should be the main customer’s dashboard, and banking should be embedded underneath when businesses ask the counterparty to pay for the invoice or would like to pay received invoices.
What is the next customer journey you’re thinking about?
Watch the full webinar’s recording below:
