Worldwide SMEs account for close to $850 billion of annual revenue for banks and make up close to 20% of all banking revenue. Yet, they are often underserved by financial organisations that don’t supply the right tools for their unique financial needs. For example, they often find it difficult to access adequate financing and the lending process is hard to manage. This offers your finance brand an opportunity to gain new and loyal customers simply by creating products and services that align with their needs.
SMEs are unsatisfied
Currently, only around 25% of SME business owners are satisfied with their financial services. This indicates finance brands aren’t providing the products, services and customer service SME owners are after. With such deep dissatisfaction in their financial organisations, your finance brand can quickly and easily generate new leads and customers simply by offering tailored services that reflect what SME owners are after.
There is a clear opportunity gap within the business sector for finance brands looking to capture a new market segments to fill.
“ Currently, only around 25% of SME business owners are satisfied with their financial services. ”
What small business owners need
Unlike large businesses, SMEs come with their own set of unique financial challenges. By offering products and services that are tailored to these, your finance brand can generate new leads and encourage customer loyalty.
So what do SMEs need?
- Cost efficiency – Small business owners aren’t flushed with cash like their large business counterparts. A finance brand that offers cost-effective yet high-quality services will better serve SMEs.
- High-quality customer service – COVID-19 has shown just how important customer service is for businesses and people around the world. Your finance brand customer service must offer dedicated support and information to SMEs in order to build authentic relationships and trust.
- Integrated financial channels – Close to 93% of small business owners manage their finances with the one finance brand. Try to not place your products and services into silos and instead create an integrated framework with the end small business owner in mind.
How your finance brand can capture SMEs
SMEs make up a large yet underserved market. By offering tailored and personalised financial services as well as marketing content your finance brand can begin to create authentic connections and trust. 78% of small business owners said trust was a key factor when selecting a financial organisation meaning your finance brand needs to place time and effort into building personal connections.
Aside from that, SMEs are after easy-to-use financial services that are tailored to their needs. In fact, 68% of small business owners said ease of use was a key factor when choosing a financial organisation. Ensuring your products and services are functional as well as offer high-quality customer service is vital in order to capture the attention of SMEs and keep it.
