At Plumery, we understand these challenges. Our recently launched SME Banking Solution is designed to address these issues directly, providing banks with the tools to offer tailored banking services that align with the fast-paced demands of modern SMEs.
The Expectation
SMEs anticipate seamless, fast, and efficient digital banking experiences that support their entrepreneurial drive. They need banking solutions that enable them to quickly open new accounts, facilitate financial transactions, manage cash flow, and access essential banking services.
Entrepreneurs expect straightforward methods to update business details, whether due to operational changes or compliance requirements, directly through mobile or web interfaces, ensuring a smooth and efficient banking experience. They seek robust banking applications with secure team management structures that allow them to delegate specific tasks to employees while maintaining strict control over access and security.
Moreover, SMEs require banking platforms that provide efficient transaction tracking, payment approval flows, intuitive employee card management, and more. They look to banks for modern web and mobile applications designed to facilitate financial operations, aiming to establish trusted partnerships for their financial success.
The Reality
Historically, banks have focused on other segments due to the high costs associated with customer acquisition and servicing, as well as technological limitations. This has led to challenges in keeping pace with the dynamic needs of SMEs, resulting in inefficiencies and frustrations in account opening and onboarding, business profile and team management, and other financial operations.
Managing business operations via traditional manual processes often delay important financial transactions and updates, hampering business agility. Traditional banking systems often lack the flexibility and granularity needed for effective delegation, appropriate access levels, approvals, and other financial operations.
Overall, traditional systems limit SMEs from having modern business banking applications that provide the same seamless experiences they are used to with their personal banking.
The Solution
Plumery’s recently launched SME Banking Solution equips banks with advanced capabilities tailored specifically for SMEs. Our platform enables banks to offer their customers swift and secure digital onboarding processes, ensuring SMEs can open accounts quickly and seamlessly. This solution not only allows simplified initial setup but also maintains compliance with regulatory standards, significantly improving operational efficiency and user satisfaction.
With Plumery, banks can offer SMEs intuitive interfaces that automate and simplify business profile management. Our platform allows for seamless updates to company information, reducing manual intervention, streamlining operations, and enhancing the overall user experience.
Plumery’s Team Management feature empowers banks to enable SMEs with granular control over employee access levels within the banking app. Our solution enables secure delegation of responsibilities while safeguarding sensitive information, enhancing operational efficiency for SME owners and managers.
Additionally, we provide a complete banking journey, from viewing enriched transactions and making and approving payments to straight-through loan origination. Banks can enable SMEs to manage employee cards efficiently and keep them informed with real-time notifications.
This comprehensive approach ensures that SMEs receive the robust, secure, and user-friendly banking services they need to thrive in today’s competitive market.
Seizing the Opportunity with Plumery
The evolving needs of SMEs present a significant opportunity for banks to innovate and excel. By embracing Plumery’s tailored solution, banks can modernise their offerings, meet the high expectations of today’s SMEs, and forge enduring partnerships built on trust and best-in-class customer experience.
Plumery is committed to bridging the gap between SME expectations and the realities of banking with our advanced SME Banking Solution. Contact us to discover how Plumery can empower your bank to thrive in the competitive SME banking landscape.