Gigabit December 2018

them understand and manage their
business. Number one is joining accounting,
invoicing and banking so when
invoices come in the system books
them into your savings account and
accountancy package recognising
you need to save a contribution
towards tax - that kind of functionality
is incredibly valuable. The other key
area lies in providing analysis, insight,
forecasting and nudges as to how best
to manage cashflow scenarios from
a base level aggregated view of your
business finances. It comes to life when
you start adding guidance and ways to
help business owners make better
decisions for financial efficiency.
While we cannot deny the dominance
of established financial
institutions in the market, the disruptive
presence that challenger banks
are already making in the industry
shouldn’t be overlooked. While SMEs
may be somewhat comfortable now,
the reasons to switch accounts to
non-traditional banking partners are
becoming ever more enticing and
compelling. Coupled with the growing
recognition amongst SMEs that they
should be embracing a financial
service that facilitates the innovative
new propositions that they’re ultimately
looking for, the momentum that
challenger banks now have won’t be
slowing down soon.
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