Today, customers expect an exceptional, unique and highly-personalized experience when dealing with their bank – and SMEs are no exception to that rule.
Historically, a personalized experience was simply occasional face-to-face meetings, phone calls, or informal relationships. That’s no longer the case today and banks must evolve if they expect to remain competitive. Now, SMEs expect to have a deeper relationship with their bank. Not only do they want financial support, they expect tailored, relevant strategic advice.
Achieving this requires accounting data, which offers a truly comprehensive understanding of a client’s business – placing the lender in the virtual seat of the company’s CFO or Financial Controller. Only with this level of financial transparency can lenders then offer a truly personalized service to its clients. For instance, lenders gain a broad perspective of the market, and can then benchmark its SME clients against its peers by similar size or industry sector.
This data supplies the lender with all the information needed to offer relevant products to an SME and build a successful working relationship with them by providing a deep level of financial guidance and strategy – a truly personalized service.