Tap into the Power of SMEs: Integrated Finance Holds $92 Billion Potential!
A recent Accenture survey highlights the immense potential of integrating financial services into offerings for small and medium-sized enterprises (SMEs). By doing so, global bank revenues could witness a remarkable increase of up to US$92 billion by 2025.
This finding comes at a crucial time when commercial banks are facing tough competition from digital platforms and specialized fintech firms. Chris Jaggard, Commercial Banking Lead for Australia and New Zealand, stresses the urgency for commercial banks to swiftly adopt embedded finance as a countermeasure against these competitors.
Accenture’s research, which involved studying over 2,500 SMEs across the globe, further underscores the enormous revenue growth opportunities that await commercial banks catering to SMEs. To capitalize on this potential, it is imperative for commercial banks to promptly integrate embedded finance into their distribution channels. By embracing this approach, banks can tap into a lucrative market and secure their position in the evolving financial landscape.
“Successful transformation requires innovating from the top, building a thriving culture, achieving technological flexibility, and balancing risk and reward.” – Zarina Tsomaeva, CEO & Founder at LOQUAT Inc.