The Future of SME Banking is Contextual

      Posted by Gabriel Moreno on Mar 11, 2021 in Thought Leadership

      Strander Richard Wilson discusses the challenges and potential of context-aware business financial management solutions

      Did you know that over 90% of SME customers feel that they are not being treated fairly by their bank? Or that 40% of customers would consider switching banks due to the lack of personalisation available? This exemplifies how the market has shifted and Strands’ BFM and Open Hub are two of the products that you need to know about. 

      On Wednesday, February 24th, Strands’ Pre-Sales Consultant Richard Wilson took center stage at Digital Banking Asia to address the potential of business financial management solutions. The online event brought together senior-level executives in the banking and financial services industry to share best practices and real life case studies on transforming and innovating digital banking.

      Being able to provide customers with a context-aware, data-driven money management platform is a key differentiator in today’s financial services, particularly in the SME banking market segment. The Covid-19 pandemic has accelerated the adoption of digital technologies by several years and there’s been a notable rise in customer’s expectations of banking. With branches largely unavailable, SME owners rely on technology to manage their businesses. 


      Strands’ mission is to provide information that is useful and easy to understand to help customers move forward with their financial needs. We offer five different solutions for different strategies which have been innovated and designed over time with the user in mind.

      In a recent use case, HSBC partnered with Strands’ BFM technology and launched Kinetic — a new, personalized and insight driven option for its customers. We made onboarding easier and quicker whilst helping you to manage your cash flows efficiently. This new world of SME banking provides accounting software that is personal and available in app as well as on the web.

      unnamed (1)-1

      Richard further explained two other customer use cases, which shows how our BFM product was the first to integrate the paypal network when invoicing for a large bank in Asia. This allowed for an eco-friendly alternative to invoice customers, as well as helping to prevent fraud and human error - all whilst being more time efficient. Furthermore, Strands accounting software allows the customer for a 360 view of their finances whilst on the go.

      For more information, jump to 14:00 on the video to see Richard’s walkthrough on how to use our services in a BFM Demo. He explains how to access and interpret statistical information, search for details and examines the balance tracker.

      Richard also shows us the step by step option of how to analyse customer payments in detail and create a new invoice whilst customizing it to your preferences, before converting it into a PDF ready to be distributed.

      From this demo we can see the additional services to traditional banking that Strand’s BFM offers. This includes a pattern detection to manage your cash flow, the option to enable simple and effective categorisation, as well as the use of widgets. With our latest technology, the user can make predictions for dealing with the future financial forecasts through innovative and informative analysis based on your previous cash flow history.

      Strands Engager is the idea behind the insights that provides customers with relevant information and recommends their next best action.  At 32:00 in the video above, Richard explains how using Engager effectively has knock on effects for its user, increasing the level of trust with their bank rising whilst helping them to improve their own financial situation. This has been proven to increase customer satisfaction and higher levels of customer retention as a result. Now more than ever, anticipating customer needs and enhancing digital engagement will enable banks to stand out from their competitors, and Strands’ personalization is the way forward.

      unnamed (2)

      If you would like more information on how Strands helps banks to transform complex data into relevant customer insights in real time and enables agile digital interactions in real time for maximum ROI, please don’t hesitate to get in touch.

      Gabriel Moreno
      Gabriel Moreno

      Gabriel helps potential customers realize their digital money management opportunities. He started work at Strands during a university internship and has stayed on for years since, helping to promote Strand´s products all over the world.

      Get Our Newsletter

      Subscribe to our exclusive weekly newsletter to stay up to date on
      FinTech trends, insights, and analysis