The results of the study emphasise the current challenges facing banks in their cooperation with SMEs. A total of 466 SMEs and 157 banks were surveyed between April and May 2021. The low level of satisfaction is a wake-up call for banks, as the study revealed that the overall level of satisfaction of SMEs was based on which digital services their banks provided. Four out of ten SMEs surveyed are satisfied with their banks' digital offerings. Just under 80% would like to see improved functionality when it comes to digital banking and more digital touchpoints with their bank. The study shows that, from the point of view of SMEs, digital solutions are one of the basic offerings they expect from their banks.

"So as not to lose touch with new competitors such as neobanks, banks now need to adapt to the requirements of their customers," says Yannick Decaumont, Vice President Group Product Management at CREALOGIX. "The study shows that there is a major gap between the needs of customers and the strategic direction of banks." In fact, 70% of SMEs surveyed stress the importance of digital communication channels. When it comes to banks, on the other hand, only around 40% plan to implement such channels.

Optimisation potential for conversational banking

The demands on banks depend on the size of each SME - larger companies tend to be more satisfied. Overall, satisfaction is at its lowest when it comes to onboarding and the user experience. Generally, SMEs want more functionalities that go beyond the classic banking business, for example, the integration of digital accounting software, management of expenditure and invoices and also billing. Larger banks are sometimes able to offer those services themselves, while with smaller banks there is a tendency to rely on the offerings of the integrated ecosystems of third party suppliers. This allows banks to offer a wide range of additional services on a platform.

There is still an opportunity for banks to avoid losing their SME clients to digital neobanks. However, this does mean having to adjust to the needs of this customer segment. For many years now, CREALOGIX has been developing products that meet these requirements in a straightforward manner. The biggest optimisation potential, according to the study, is in the customer's digital experience. Conversational banking solutions, which combine artificial intelligence with human interaction, can significantly improve this experience. The integration of chatbots or virtual video counselling in the existing online banking are two examples of solutions that CREALOGIX has already successfully implemented for some of its customers.

You can request the SME Banking Report 2021 for free here.

Media release (PDF)