Have you got the right enablers for your business banking customers?

Have you got the right enablers for your business banking customers?

MSMEs are switching to digital banking services. Fueled by the needs of the market and their growing experience with digital platforms, businesses are now moving towards payment service providers and financial institutions that can provide them with a better banking experience through a digital platform. This intent to switch hasn’t gone unnoticed by traditional banks and, more importantly, digital banks. Digital banks and Fintechs are rapidly taking over the retail banking space and are going full steam ahead towards providing business banking customers with the same digital banking excellence that they provide to retail banking customers. Several traditional banks have also taken notice of this readiness by their business banking customers and have implemented digital platforms for both the retail banking and business banking of their business.

Businesses are keys to economic recovery, especially MSMEs. In the South East Asian region, MSMEs contribute significantly to the GDP of a country and are the largest contributor to a country’s workforce. As these MSMEs grow into digital technology, it is but natural that they will outgrow the service offerings that their traditional incumbent bank gives them. MSMEs will be looking for cost-effective transaction fees locally and globally, secure payment processing and transaction approvals, 24/7 availability, and value-added services that will help them grow their business.

For MSMEs, payments or receiving funds swiftly and securely is crucial. Most MSMEs are now engaging with their vendors, suppliers, and customer base via digital channels so that are looking for a service that would allow them to pay or get paid instantly safely, and efficiently. A number of these MSMEs are now accepting payments via fintechs and payment service providers and will be likely looking for their incumbent bank to give them a service that integrates bank services with these digital payment platform providers.

Digital-savvy business owners and the traditional business owners that have gone fully digital now want more than the plain vanilla banking service that they were used to. These business owners are now looking for financial institutions that can meet their financial and operational needs locally and globally. Your Financial Institution can provide this service by implementing a digital mobile and Internet omnichannel platform that caters to both retail and business banking and the right platform for this is OmniPLUS+

OmniPLUS+ is a next-gen Omni-Channel digital banking platform created to support financial institutions of all sizes. An Out-of-the-Box functional rich mobile and online platform for retail and business banking can help financial and payment institutions expand their reach and serve more, providing customers with self-serve banking across all channels takes financial institutions to the next level, empowering customers digitally across the globe to carry out their transactions with ease and speed.

Share this on:

Leave a Reply

Close Menu