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Business Reporter: Empowering financial services institutions to go beyond banking

Digital technologies are helping banks to go beyond banking and offer advice and practical help to SMEs

LONDON, UNITED KINGDOM, June 3, 2021 / -- Digital technology is revolutionising e-commerce. These changes present huge opportunities for banks to improve on services offered to customers. Finance has always been at the heart of business, but technology means that banks can go far beyond merely storing money and facilitating payments.

In an article published on Business Reporter, these opportunities are discussed. Based on an analysis of a business’s finance, banks can now offer tailored advice, coaching, and practical help alongside more traditional banking services.

The pandemic has driven much commerce online. But many small businesses have been slow to understand the opportunities that stem from this evolution. - Banks are well placed to help them. As Rachel Schapiro, SME Success Navigator at vcita puts it: “It’s an opportunity to talk to customers about how to grow business, generate more revenue, and create financial resilience.”

The article points out that digital platforms can help SMEs plan business activities better, stay on top of their finances, communicate with customers, and keep track of future jobs. Banks that provide this sort of technology place themselves at the centre of their customers’ business success.

Many small businesses are reluctant to engage with technology. But by bringing together technology providers, banks, and small businesses, a stronger ecosystem will be created that will help enterprises flourish even in the face of a major disruption such as a global pandemic.

To learn more about how banks can support SMES through their digital transformation journey, read the article.

•• About Business Reporter ••

Business Reporter is an award-winning supplement published in the Sunday and Daily Telegraph, City AM and online, delivering news and analysis on issues affecting businesses to a global audience. It also hosts conferences, debates, breakfast meetings and exclusive summits.

•• About vcita ••

Founded in 2010, vcita started out as an online scheduling platform and has evolved to become an all-in-one app that includes all the tools a small business needs to manage and grow their business. vcita includes an online CRM to manage client and marketing communications together with online scheduling and payments. With over 1.4 million users worldwide, vcita champions digital inclusion for SMEs by partnering with major banks and financial enterprises, such as Mastercard, to provide small business customers with innovative, added-value services that go beyond banking.

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