Spain’s CaixaBank Launches Mobile App To Meet Millennial Expectations
Celent named #CaixaBank bank of the year for its foray into an all-digital bank which aims to offer experience rivaling Facebook and Amazon.
Tom Groenfeldt – Financial Technology
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5 Fintech Startups You Should Meet Before They Go Big [VIDEO]
What’s the best thing about startup demo days? You get to peek behind the curtains, #before #they scale (or fail). Five #startups, in five minutes each, took the stage at the Empire Startups #Fintech December Demo Day yesterday with their latest and greatest. Bank Innovation has the lineup, in case youRead More
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Swiss Banks Are Falling To Meet Corporate Clients and SME Digital Needs
A new report by Swisscom’s think tank e-foresight and the Institut für Finanzdienstleistungen Zug (IFZ) found that the vast majority of #banks are #falling to #meet consumers&8217; #digital #needs, notably when it comes to small and medium-sized enterprises (SMEs).
The report points out how banks can fill the gap between their digital offerings and the real needs of their #corporate #clients.
The research program compares the digital offerings of 50 retail banks and the needs of 473 SMEs. Most particularly, it focused on five specific areas: e-banking, communication channels, payments, financing and banking-related products.
The study found that 66% of the surveyed banks are late followers, 29% are followers and only 5% are considered as being first movers.
Late followers are those that haven&8217;t launched any digital initiative or that has only launched isolated initiatives in terms of offerings to SMEs.
Followers have proposed their first products and are serving customers.
First movers have advanced rapidly toward digitalization and are at the forefront in term of their digital offering to SMEs.
For e-banking, although a number of banks are already offering solutions, the level of innovation remains low and corporate clients are demanding more digital solutions and functionalities.
80% of banks are offering push notifications via email or text message and 26% are offering personalized homepage. Only 8% are offering accounting software solutions, although 62% of clients said they considered these solutions as being important or very important.
Another area where banks are falling behind is the communication channels. Despite clients claiming that web chat, the ability to book meeting appointments online and video format advisory are important or very important, only a few banks are offering these services.
SMEs are also demanding various digital payments solutions including online and mobile payments solutions, which a number of banks are already providing.
Alternative financing solutions is expected to grow in popularity, and SMEs are requesting online onboarding processes notably to open business accounts (54%), but also for online mortgage applications (29%) and renewal/extension (43%). Less than 10% of banks surveyed are currently offering any of these solutions.
Finally, as for banking-related products and services, SMEs said that are interested in online factoring (17%) while only 2% of the surveyed banks are actually offering this service. 21% of SME clients said they are interested in the possibilities to bundle through business networks, but only 4% of banks are proposing this. Finally, 10% of the banks said they offer insurance products online, while only 5% of SMEs believe this is actually important or very important.
The report advises banks to start considering SMEs as an entirely separate segment in their strategy. Banks should focus on building and delivering solutions that SMEs are actually demanding and offerings that effectively help them, notably in areas that include e-banking and online assistance and advisory. Banks should also develop “an intelligent combination of banking and non-banking services” to build customer loyalty.
&8220;Globally, banks are only at the beginning of their digitalization efforts in products for SMEs,&8221; the report says. &8220;Most of them have been primarily focusing on the retail banking segment.&8221;
&8220;Digitalization is not an end in itself, it must be put in place to better and/or more easily serve clients&8217; needs. (…😉 Corporate clients consider the most relevant areas as being solutions and functionalities related to transactions and auto-administration in e-banking, which simplify their daily activities or improve their processes. These aspects demanded by corporate clients are currently not provided by any of the banks.&8221;
Featured image by IFZ
The post Swiss Banks Are Falling To Meet Corporate Clients and SME Digital Needs appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.
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How Bitcoin Will Meet The Scaling Challenges Needed To Go Mainstream
For some time it seemed rather academic or nerdy to think about #Bitcoin #scaling. Who cares whether Bitcoin will scale if it is only used by a few people for nefarious activities? Now that one can buy Bitcoin at over 1,000 railway ticket booths that are now also Bitcoin ATMsRead More
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Meet Erica, Bank of America’s Chatbot for Digital Banking [VIDEO]
LAS VEGAS — #Bank of America announced its new #chatbot, #erica, yesterday at Money20/20 here. Erica should roll out for BofA #digital and mobile #banking users “late next year,” according to a spokeswoman from the bank. At an event where chatbots were one of the main topics of interest for many ofRead More
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Breaking Banks: Where Finance, Technology, & Politics Meet [AUDIO]
On this week’s episode of #Breaking #Banks, host Brett King is joined by four panelists from the #fintech world to discuss the intersection of government oversight, #technology, and #finance. The five weigh in on these issues, especially in regard to regulation, and what can be done to solve the problems ofRead More
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‘Big Four’ Accounting Firms Meet to Consider Blockchain Consortium
‘Big #Four‘ #accounting #firms Deloitte, Ernst & Young, KPMG, and PwC #meet with others to discuss possibly forming a #blockchain accounting #consortium.
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Meet the Fintech Disruptors of the TLV Conference
In three days, firms will compete for a #fintech award in front of attendees and notable judges.
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Meet the new Brazilian consumer
Amid one of the country’s most severe recessions, how can #consumer-goods companies and retailers succeed in Brazil?
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Meet Pavlok, Wearable Payments Newcomer
Did you catch the season finale of Shark Tank last week? Yikes.. For those who didn’t: the product pitched in the above episode, #Pavlok, is a #wearable device that uses zaps, taps, beeps and vibrations to train the human mind out of bad habits, such as smoking, nail biting orRead More
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