EVOLUTION OF BANKING
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
Helping customers with non-core banking activities<br />
SME BUSINESS<br />
Business Banking in Australia, as elsewhere, is a tough and highly competitive market. SME lending<br />
has come under the regulatory microscope adding to the complexity and risk inherent in lending<br />
money to businesses, particularly in a tough economy. Protection of brand as well as continued and<br />
innovative engagement of customers are more important than ever in this space.<br />
One area banks could lead in the SME space is through developing crowd funding/investment<br />
platforms which are credible, due to their unique position. Alongside this there are a number of areas<br />
where banks could help business through using their scale to make services available which support<br />
their customers. Innovative ideas such as NatWest/RBS’s BizCrowd community which helps connect<br />
small businesses and provide guidance could be extended by connecting retail customers to business<br />
customers and also retail customers to their financial institutions.<br />
Another option would be to provide access to Big Data marketing technology and segmentation<br />
models at a local level to help businesses grow by targeting the right customers. Also cash flow<br />
management solutions could be provided to help in real areas of need in a small business, supported<br />
by a comprehensive YouTube suite of education and information on running a business/cash flow<br />
management.<br />
Banks are starting to introduce services that<br />
help businesses connect, network and do<br />
business with other businesses.<br />
Providers could develop new concepts to help<br />
business by making targeted marketing data<br />
and tools available to customers to help them<br />
grow their business. Business would also<br />
benefit from digital assistance that supports<br />
them locally.<br />
Services like these will be key to generating<br />
customer delight and building reputations<br />
for helpfulness, and will help banks to grow –<br />
‘give to get’.<br />
Banking and Financial Services are not immune from the data solutions revolution that is enabling<br />
retailers and manufacturers to significantly increase global sales and channels of online growth and<br />
marketing. This trend in Australia is being supported by a robust regulatory framework of ecommerce<br />
and the readiness of Australian consumers to embrace online interactivity in all aspects of their lives.<br />
Reports such as the NAB Online Retail Sales Index of July 2014 that noted Australians were spending<br />
and estimated $15.6 billion each year online, suggest the enormity of the market.<br />
The way forward necessarily involves the development of and full utilisation of digital strategies to<br />
meet consumers’ current and future needs. Experian is the right partner to assist the financial services<br />
industry to do just this; through its range of Australian businesses it can bring a wealth of global<br />
knowledge and real expertise in dealing with issues ranging from infrastructural issues to customers’<br />
increasing demand for agility and responsiveness. As Russell Zimmerman, ARA Executive Director,<br />
urged Australian retailers, it is now vital organisations invest time working on the business not just<br />
in the business, in order to fully explore and capitalise on the potential of the marketplace, both in<br />
Australia and overseas. We are here to support you to do just that!<br />
52 | The Evolution of Banking and Financial Services
Change language