Banks run the risk of becoming irrelevant for SMEs
How can open banking solutions help banks to expand their business with SMEs?
Traditional banking products face increasingly lower margins, lower differentiating features and changing customer behaviors. Given the fact that clients are less loyal to the bank, there is an increased risk that banks lose the customer interface to 3rd party providers via digital platforms. In Switzerland, small and mid-cap enterprises (SMEs) are the backbone of the economy and an important customer group in the future – often very under-digitized with a high potential for standardization. Open Banking turns the rules of banking upside down and enables new business models, services and products that can add significant value to the end customer by linking data sets and delivering data to new endpoints.
How can open banking be used to develop smart financial management tools that help SMEs focus on their core business without being crushed by administrative work? How can open banking solutions help companies optimize their treasury management? Rethink how banking should work for small and mid-cap enterprises! Join our open banking challenge and design innovative solutions for SMEs!