Bank switching rates for SMEs in the UK and other countries are high, and SMEs are expecting more innovative solutions.
In this episode of the Banking Uncovered podcast Charles Green, RFI Global’s Founder, speaks to Richard Davies, CEO of Allica Bank, about the digital trends in SME banking, the challenges and opportunities they represent, and much more.
Topics discussed include:
- The trend of SMEs moving from traditional banks to fintech or challenger banks and the reasons why
- The importance of value-added services like fraud prevention and accounting software integration to meet SMEs’ needs and improve their banking experience
- The challenge of building trust among SMEs for fintech and challenger banks compared to traditional banks
- The growing concern of fraud, particularly payment fraud, and the role banks can play in protecting SMEs
- Digital trends: The use of generative AI and machine learning in improving customer experience, transaction monitoring, fraud prevention and back-end processes
