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Episode 7: Why financial institutions are slowly moving away from their traditional ways  

Host: Charles Green, Founder, RFI Global
Date: July 23, 2024
Region: Global
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Did you know that half of SMEs globally are increasingly turning to non-traditional financial providers? As their trust in these new financial solutions has grown, many are now obtaining a wider range of financial products directly from these fintech providers. Additionally, numerous SMEs are forming partnerships with these innovative companies to enhance their value propositions and refine their lending practices.

In this episode of the Banking Uncovered podcast, Charles Green, RFI Global’s Founder, speaks to Jane Prokop, Executive Vice President and Global Head of Small and Medium-Sized Enterprises at Mastercard, about investing 7 billion dollars over the last five years in cyber security, how SMEs can use generative AI to automate a lot of admin tasks, open banking and much more.

Topics discussed include:

  • An increase in SMEs looking to switch their main banking and payments providers
  • The increase in demand for digital services post-pandemic
  • Why SMEs are turning more to non-traditional financial providers
  • The introduction of joint platforms and automated lending processes using alternative data and scoring
  • How SMEs are highly vulnerable to cyber attacks
  • Gen AI's potential for automating tasks and providing actionable insights for SMEs
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