// PREDICTIVE INTELLIGENCE // action do have a number of advantages they can leverage.
These include trust, deep industry expertise, plentiful resources and the rich well of customer data already in their keeping.
They will, however, need to adopt large sections of the interlopers’ playbook, if they’ re to regain the custom of underwhelmed SMEs that have decamped to non-traditional competitors.
That means rethinking what it is small businesses truly need from their banking partners and focusing on personalisation and convenience at every touchpoint.
Winning back mind and market share at scale is likely to require significant transformation of processes and practices. Many established institutions continue to operate on a patchwork of point solutions, each addressing a specific requirement or function. These solutions have not necessarily been designed to work together seamlessly and having a fragmented architecture can make it challenging, if not impossible, to deliver the personalised, responsive digital interactions and experiences SMEs have become accustomed to receiving.
Tools to turn the tide
That’ s where engagement banking technology comes into its own. Composable, preintegrated customer experience capabilities and out-of-the-box journeys can support financial services providers to deliver new customer experiences efficiently and cost effectively, at scale.
It’ s transformation-enabling technology that allows banks to modernise quickly and cost-effectively, without having to rip out and replace a swathe of core platforms.
Instead, they’ re able to unlock the value of their existing data without the disruption, delay, expense and risk a large- scale overhaul it invariably entails and adopt the datadriven, digital and mobile-first engagement model today’ s SMEs are seeking.
Robust authentication and data protection measures mean they’ re able to do so securely, thereby making it easier for their SME customers to protect themselves from the rising tide of online scammers and fraudsters that have them squarely in their sights.
For banks in Australia and New Zealand that are serious about recapturing their lost share of the SME segment this year, it’ s mission critical technology that belongs at the heart of the ICT stack. �
Jeremy Thomas, Regional Director at Backbase
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IT’ S TRANSFORMATION- ENABLING TECHNOLOGY THAT ALLOWS BANKS TO MODERNISE QUICKLY AND COST-EFFECTIVELY.
Intelligent SME. tech
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