For some banks, working with small business customers can be a challenge. SMEs need sophisticated, digital banking solutions like other customers, but they can often be considered high-risk among lenders, making them a less lucrative customer base for the banks.
Digital Insight revealed Tuesday (Dec. 15) that it wants to ease the pain points of working with small business customers and is doing so with its Business Banking solution.
The Software-as-a-Service tool can help financial institutions deliver SME-focused services through a single platform, the company said, and is flexible enough for banks to scale along with their customers.
Business Banking includes mechanisms for banks to streamline their administrative tasks, meaning FIs only have to use one platform and one set of login credentials to access business financial services, including bill pay and mobile remote deposit capture, the company stated.
Digital Insight cited the 28 million small businesses in the U.S. as a growing opportunity for financial institutions today, despite the challenges that come along with the customer base.
[bctt tweet=”‘Having different solutions for businesses of different sizes can be challenging.'”]
“Having different solutions for businesses of different sizes can be challenging and costly for a financial institution,” said Digital Insight Director of Business Banking Solutions David Potterton. “They have to juggle multiple vendors, different logins and user experiences. Now, our financial institution customers can offer their small business and entrepreneurial customers one scalable, easy-to-use solution that fits their diverse needs.”