According to FIS Global's 2018 PACE (Performance Against Customer Expectations) Report, 43% of SME banking transactions in the UK are completed digitally, and 60% of SMEs increased their use of digital transactions in the past year. In the US, the same report shows that 42% of SMEs use their mobile banking app (online and/or mobile) more than a year prior, but interestingly, far fewer small businesses are planning to jump ship, with 8 out of 10 SMEs satisfied with their banking provider.
Engaging the SME customer & Improving Cash Flow
The number one aim of small businesses is to become profitable, and quickly. By nature, a small enterprise will have seasonal ups and downs and a cash cycle dictated by factors beyond their control, so ensuring they have enough cash in hand is critical. Profitable companies might see their cash reserves affected if they are moving too fast, and stagnating companies might find an unexpected liquidity issue unsurmountable.