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Demand for embedded finance soars among SMBs as traditional banks fall short
Airwallex , a leading global payments and financial platform for modern businesses , announced a new global survey that revealed surging demand for cloud-based financial services with more than 80 % of SMBs looking to switch away from traditional banks for their payment needs .
The report , jointly produced by consultancy , Edgar , Dunn & Company , and Airwallex , uncovers the financial services pain points faced by SMBs which can limit their ability to operate and grow globally .
The data shows that 82 % of SMBs globally ( 86 % in the UK and US ) feel overlooked by banks and would change their current banking provider if their existing software platform or marketplace offered a like-for-like alternative . The services SMBs would be open to accessing include cross-border payments collection and payouts , business bank accounts , foreign exchange and treasury .
The findings demonstrate a clear opportunity for software platforms , marketplaces or expense management platforms to better serve SMB customers .
Nearly half as many people are launching businesses as 20 years ago
According to a study conducted by BDC in collaboration with the Université de Montréal , not enough people are starting businesses to replace those closing their doors .
Despite a population of 40 million , Canada has 100,000 fewer entrepreneurs than it did 20 years ago , according to a BDC study conducted in collaboration with the Université de Montréal Innovation Centre and Millénium Québecor and released as part of BDC Small Business Week .
This general trend is alarming . By 2022 , only 1.3 person out of 1,000 had started a business , compared to 3 out of every 1,000 in the year 2000 . “ This is worrying because entrepreneurship is crucial to the economy , fuelling innovation and economic growth ,” said Pierre Cléroux , Vice-President , Research and Chief Economist at BDC .
The report identifies several factors contributing to this decline , including low unemployment , high wages an ageing population and a more complex business environment .
SMES struggling to match multinationals when recruiting best talent
New research from worldleading talent management platform , Employment Hero , lays bare the struggle SMEs face when attempting to hire .
The survey of 514 SME hiring leaders across a range of sectors found they were consistently losing talent to larger multinational organisations . These included leaders at micro-organisations with less than ten employees and larger organisations with up to 500 .
The survey revealed that the average hire cost £ 3,089 to advertise , a 68 % increase on the cost in 2022 , and received 10 or fewer applications . It took 31 days to fill the position .
There were considerable differences between SMEs however , with smaller businesses of less than ten employees like cafes and bars typically spending less on job ads , receiving less applications , but hiring faster .
Government data from the ONS suggests that these hospitality businesses also face the highest vacancy rate however , with about one in 20 ( 4.9 %) unfilled positions at the end of August . �
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