# Make it personal: How banks can better support SME customers in Q4 Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2020-10-12 Category: BANKING Category URL: https://financedigest.com/category/banking Meta Title: Optimising SME Banking Support in the New Normal Meta Description: Discover how banks can best support SME customers with personalised, innovative technology solutions to adapt to today's evolving business landscape. URL: https://financedigest.com/make-it-personal-how-banks-can-better-support-sme-customers-in-q4html ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/untitled-design-2020-10-12t111834-1736838812971-compressed.jpg) _By **Pim Koorn,** Product Director Business Banking at [Backbase](http://backbase.com/)_ With the fourth quarter quickly approaching, banks are increasingly tasked with the difficult project of evaluating how to best support their SME customers, all of whom are working diligently to re-emerge from 2020’s challenges and adapt to the new normal that is taking shape. Responding to today’s current demands means that flexibility, innovation and personalisation are key requirements of any technology partner. Banks are considering how to best provide the customisable solutions their clients need in today’s current environment. SMEs are increasingly [seeking partners](https://www.financedigest.com/nexi-open-to-options-as-banco-bpm-seeks-partner.html "Nexi open to options as Banco BPM seeks partner") that can provide the specific working tools that meet their fluctuating requirements. No one SME is alike. Whether they are reaching for new digital invoicing tools or seeking real-time onboarding solutions, [banking partners that can best support their customers](https://www.financedigest.com/knowing-your-customers-needs-is-essential-for-banking-innovation.html "KNOWING YOUR CUSTOMERS’ NEEDS IS ESSENTIAL FOR BANKING INNOVATION") at every turn in their digital journey will remain a trusted partner during the collective recovery period. The coronavirus [pandemic](https://www.financedigest.com/looking-beyond-lockdown-the-new-opportunities-for-smes-in-a-post-pandemic-world.html "Looking beyond lockdown: the new opportunities for SME’s in a post-pandemic world") has also put a newfound strain on how SMEs are managing their day-to-day operations and has significantly shaped the way SMEs are looking at their technology. In a [PwC study from April](https://www.pwc.com/us/en/industries/banking-capital-markets/library/small-business-banking-survey.html) of 469 SMEs on how banks can help businesses manage the rocky waves of the pandemic, the majority of respondents noted that the ability of a banking partner to tailor its support was critical to retaining the SME as a client. More than half of respondents (61%) said personalised [customer experience was core to the banking](https://www.financedigest.com/the-bank-of-me-why-banks-need-to-be-totally-customer-centric.html "The bank of me – why banks need to be totally customer centric") relationship. These survey results underscore how a customer-centric focus, instead of a product-centric one, is the [key to banks](https://www.financedigest.com/russia-bans-western-investors-from-selling-banking-key-energy-stakes.html "Russia bans Western investors from selling banking, key energy stakes") being able to optimise client relationships. [Banks are already working to better understand their SME customers’](https://www.financedigest.com/insight-into-tomorrows-retail-banking-customers.html "INSIGHT INTO TOMORROW’S RETAIL BANKING CUSTOMERS") specific ways of working, but being able to efficiently cater to these needs lies in embracing technology and innovation. By digitising paper-based banking processes, [SME’s will be able to reallocate their limited time toward more important](https://www.financedigest.com/the-importance-of-networking-for-smes.html "The Importance of Networking for SMEs") business critical tasks. SMEs spend 74% of revenue on non-core activities like bookkeeping and legal and 26% on core activities that make them money, [according to McKinsey](https://www.mckinsey.com/~/media/mckinsey/industries/financial%20services/our%20insights/how%20banks%20can%20use%20ecosystems%20to%20win%20in%20the%20sme%20market/how-banks-can-use-ecosystems-to-win-in-the-sme-market-vf.ashx). Implementing slick and user-friendly platforms can help [banks remove](https://www.financedigest.com/bank-of-england-removes-paintings-of-governors-linked-to-slave-trade.html "Bank of England removes paintings of governors linked to slave trade") friction and provide a more seamless experience for their clients, creating the efficiencies these businesses require. Another way [banks can help support](https://www.financedigest.com/why-now-is-the-time-for-banks-to-use-their-data-to-support-customers.html "Why now is the time for banks to use their data to support customers") SME clients is by prioritising optimisation. Digital-first banking platforms help solve some of the day-to-day hurdles that SMEs currently face, with [solutions such as digital](https://www.financedigest.com/carta-teams-up-with-vauban-to-launch-the-first-digital-solution-aimed-at-venture-capital-investors-creating-luxembourg-based-funds.html "Carta teams up with Vauban to launch the first digital solution aimed at venture capital investors creating Luxembourg-based funds") onboarding, digitised loan applications and digital customer signing processes. By empowering SMEs with the [digital tools they need to reduce processing times](https://www.financedigest.com/its-time-for-banks-to-spend-on-digital-mortgage-journeys.html "It’s time for banks to spend on digital mortgage journeys") from days into minutes, banks can make themselves indispensable as value-add technology partners. Every [business is currently looking for ways](https://www.financedigest.com/five-ways-businesses-can-prepare-themselves-for-the-digital-economy-be-kaler-pilgrim.html "Five ways businesses can prepare themselves for the digital economy – Be Kaler Pilgrim") to streamline their operations. But banks that operate within legacy [systems run](https://www.financedigest.com/how-to-use-a-pos-system-to-run-your-business.html "How To Use A POS System To Run Your Business?") the risk of not meeting the expectations of modern SME owners. By offering digital-first platforms, banks can [provide SMEs with the underlying technology](https://www.financedigest.com/is-your-technology-provider-holding-you-back.html "Is your technology provider holding you back?") infrastructure that helps take the stress out of their finances. Providing access to secure and seamless [mobile money](https://www.financedigest.com/feature-africas-mobile-money-taxes-risk-driving-poor-out-of-digital-economy.html "FEATURE-Africa’s mobile money taxes risk driving poor out of digital economy") management tools, banks can make SME’s lives easier – from bill payments to invoicing, and payroll to card management. Lastly, [banks that integrate new processes around transparency and real-time data](https://www.financedigest.com/can-banks-compete-in-the-digitisation-race-without-effective-data-integrity.html "Can banks compete in the digitisation race without effective data integrity?") will be better placed to cement themselves as long-term partners. Accessible, actionable data is how SMEs stay up to date, and leveraging real-time liquidity management tools that are backed by reporting and analytics are key to the financial health of these [businesses](https://www.financedigest.com/business-finance-the-fintech-evolution.html "Business finance: the fintech evolution"). With Q4 upon us, [banks are understandably focused on how to best support their clients during this pivotal time](https://www.financedigest.com/now-is-the-time-for-banks-to-introduce-intelligent-account-analysis.html "Now Is the Time for Banks to Introduce Intelligent Account Analysis"). And as SMEs turn to technology to help them navigate these [challenging times](https://www.financedigest.com/renewing-democracy-is-defining-challenge-of-our-time-biden-tells-summit.html "Renewing democracy is ‘defining challenge of our time,’ Biden tells summit"), banks can put their best foot forward by continuing to prioritise digital-first, customer-first services. --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---