No economy can boom without a healthy mix of SMEs, but they are often left to fend for themselves when it comes to funding in times of crisis. SMEs have suffered outsized impact from COVID-19 but have not received corresponding loan consideration from big banks. How can this be turned around so that SMEs will not just survive but thrive?
Revolut, a UK-based neobank valued at $33 billion with 16 million customers, has raced to the top of its nation’s most successful start-ups list since its beginnings in 2015 and is just one spot down from the top of Europe’s. What is behind its quick ascension? What are its plans to expand? Are there any concerns that may slow it down?
Financial services have typically lagged behind other industries when it comes to embracing digital transformation. Banks have traditionally been slower to adopt new technology due to legacy systems, cultures that have been built over hundreds of years and security concerns. A huge shift in customer expectation, however, meant that banks had to adapt or risk losing customers to challenger banks such as Monzo.
The digital customer experience has become a key differentiator for banks, particularly for big players seeking to stay relevant against their nimbler counterparts. This has become even more important during COVID-19, when institutions have been expected to provide clear and transparent services to support and protect customers as they navigate the pandemic’s many challenges.
We are witnessing an evolution. Banking is changing in so many ways – the move away from cash, and even cards, the urgent uptake of online banking, and a growing interest in personal investing. The slow and steady pace of the industry has been accelerated more in the last year than in the entire decade prior.
Utilising several of the new waves of disruptive technologies such as big-data analytics, artificial intelligence (AI) and cloud computing, neobanks across the world are fundamentally transforming the very notion of banking. And given the restrictive impact that the coronavirus pandemic is having on the global population,
According to a report commissioned by the UK’s Treasury, Britain’s financial services system is experiencing an existential skills crisis. Why? As digital start-ups have moved quickly to offer desirable working benefits such as flexible hours or learning and development opportunities, financial institutions have been comparably slow to react to new workplace demands.
Do you remember when banking meant wasting time queueing in-branch, or poring over paper statements? Thankfully, the industry has come a long way since then. Today, managing your finances is as easy as logging in to an app; and opening an account is as simple as verifying your identity with a selfie.
If you had asked me 10 – even five – years ago if I could imagine the day would come when I could quite easily open up a bank account online, I probably would have just laughed it off.