Financial software solutions for personalization are the response to the latest wave of industry innovations. Digital banks, and fintechs are growing fast, offering something more tailored to their Small and Medium Businesses (SMB) audience than traditional financial institutions (FIs). Meanwhile, many SMBs have become more open toward fintech and FIs during COVID – and it’s no wonder. They offer more personalized service for small businesses.
The question is: How can these digital banks enhance banking for small businesses?
For starters, It’s all well and good to offer a digital platform, but often, this isn’t enough to satisfy the banking needs of small businesses. If they can’t grow their businesses as a result, it begs the question – who is this digitization for? Digital Banks are meant to be inherently customer-driven – and to achieve that, they should focus on giving SMBs more than the ability to process a business loan or payment request – businesses need insights on cash flow, the ability to sync accounting data, and accelerating business lending to name a few.
Thankfully we live in a world where SMB financial data is now regularly updated and readily available to action these requests. It’s a critical moment for digital banks who have staked their claim on offering the latest in digital banking for small businesses.
That’s where financial dashboards software comes in. With digital financial dashboards, they better serve SMBs through insights from SMB financial data. Financial dashboard software drive insights, increase accuracy, and provide digital banks with a competitive edge over legacy banks by transforming SMB data into business insights that can be used for credit analysis, fraud detection, enhanced customer service, and internal workflows.
- Digital Banks Must Implement Personalized to Succeed: How Financial Dashboards Drive Personalized Insights & Enable SMBs To Self-Serve.
- CFO-In-A-Box Empowers Digital Banks To Serve Small Businesses Quickly.
- How Financial Dashboards Help Digital Banks Manage Portfolio Risk.
- Empower Your Digital Bank With Data-Driven Insights.
Link to Original News: The Money Outlook