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.
Topics: Financial Management for Small Business (BFM), Digital Transformation, Unbanked, Underbanked, BFM, ENGAGER
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.
Topics: Artificial Intelligence, SMEs, data analytics, customer insights, SME banking, machine learning tools, ENGAGER
In this digital era, with easy, fast and limitless options, decision-making has become even more difficult.
Banks can’t predict user behavior with absolute certainty, but they can help frame their financial decisions by understanding how choices are made, and designing solutions around them.
This is where Behavioral Economics, the study of how and why we make decisions, can be a powerful tool for the banking industry.
Topics: Personal Financial Management (PFM), banking and technology, banking, behavioral economics, chief behavioral officer
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 to 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.
Topics: SMEs, SME banking, conversational banking, fintech innovation, personalized finance, small business
Davivienda y Strands unen fuerzas para traer su exitosa solución de PFM al mercado colombiano y latinoamericano, como parte fundamental de su compromiso con la innovación y apuesta por la banca digital. Entrevistamos a Margarita Henao, VP de productos de banca personal en Davivienda, sobre el motivo de este cambio y lo que significa para el futuro de la banca en la región.
Topics: PFM, digital banking, fintech innovation, latin america