Banks should consider becoming a one-stop shop for all kinds of products and services valued by SMEs

February 09, 2024
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Banks should consider becoming a one-stop shop for all kinds of products and services valued by SMEs

Small businesses are valuable for banks as they tend to keep their deposits even during difficult times, unlike larger companies.

When SME clients do withdraw their money, they usually choose another bank within the sector.

Banks that successfully serve SMEs have tailored their offerings to meet their specific needs, such as strong relationship management and seamless digital experiences. Other banks should strive to improve their offerings and build better relationships with SME clients.

https://www.mckinsey.com/industries/financial-services/our-insights/banking-matters/five-ways-for-banks-to-better-serve-small-business-clients

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