Fintech
Building a Bank for Small Businesses | NatWest, Bank of Ireland and Tuum
Create a bank for small businesses.
In this fascinating episode of The Fintech Show, you’ll discover how banks are effectively serving SMBs today and, as a result, what these businesses expect from their banks.
James Holian from NatWestNiall Devlin from Bank of Ireland and Edgardo Torres-Caballero from Your discuss the advanced technologies and data analytics needed to meet the diverse needs of SMEs and how banks can equip themselves to leverage them.
Of course, this needs to be balanced with a human banking experience and our guests stress how essential this is to staying competitive in business banking. There are thoughts on how SMEs are adapting to the current economic climate and how partnerships and collaboration with fintechs are more prevalent than ever. It’s a must.
Digital transformation continues
Digital transformation has already had a seismic effect on modern banking, but it is constantly evolving. In this episode of The Fintech ShowTuum CRO, Torres-Caballero, emphasizes the need for financial institutions to ensure they are ready for advanced technologies that meet the changing needs of their customers.
He emphasizes that adopting digital platforms is key to quickly launching services and meeting customer needs. By integrating APIs, banks can improve onboarding processes and risk validation, while fintech partnerships can improve the overall customer experience. He also emphasizes that digital transformation allows banks to strengthen their data analytics capabilities and explore the potential of artificial intelligence.
Moving away from a one-size-fits-all approach, this technology actually enables banks to better serve SMBs with diverse needs. Modern cloud-based technology is also essential to maintaining up-to-date and cost-effective systems that support sustainable growth and operational efficiency.
The balance between humans and digital banking
Both James Holian, MD of Business Banking at NatWest, and Niall Devlin of Bank of Ireland discuss the diversity of small businesses and the need for banks to offer both digital and human support. Holian says NatWest aims to be the number one bank for small businesses in the UK by combining the best technology, developed in-house or sourced externally, to create exceptional customer propositions.
He suggests that banks today are essentially technology companies, with increasingly digitised products and services, and highlights NatWest’s commitment to providing dynamic and responsive services, facilitated by partnerships with various fintechs. Echoing Torres-Caballero’s thoughts above, this approach helps them leverage data to offer personalised financial advice and support for lending and growth, even in uncertain economic conditions.
Devlin, Head of Business Banking at Bank of Ireland, takes us back to the key stakeholders in this report and reflects on the resilience of businesses in the face of challenges such as Brexit, COVID-19 and global political instability. He notes that the current high interest rate environment presents an opportunity for banks to help businesses maximise their liquidity. He also highlights the critical role of technology in enabling efficient and effective banking services, from simple transactions to complex applications.
However, he stresses the importance of in-person services, through branches and regional business centres. This dual approach ensures that Bank of Ireland can meet the needs of all customers, regardless of their technological proficiency. Interestingly, there are also some reflections on the bank’s efforts to support entrepreneurship through partnerships and educational initiatives.
Balance is key, it seems! Tune in for more and be sure to check out more of our awesome top shows on our website.