How open banking empowers SMEs

How open banking empowers SMEs

Open Banking facilitates secure data sharing between banks, FinTechs and other providers which encourages the development of new products and services. Banks hold vast amounts of data about existing customers, which when enriched can provide keen insights into areas where members may benefit from different services or products. Traditionally banks have stored much of this information but only scratched the surface of innovation.

There are many different kinds of data about SMEs which can be valuable for innovators. This might include transactional data, regular payment patterns such as salaries, supplier payments, loans, and income. This information can provide stronger guidance on the overall state of SME financial activity in a region and help create personalization of products and services for these businesses. By connecting via Open Banking APIs, there are a range of possibilities to innovate offerings for SMEs.

Open Banking supporting SMEs