Creating closer partnering-style relationships will be one way traditional banks may be able to forefend the onslaught of fintech firms in the SME marketplace. The article outlines how Barclays is leveraging transactional data to provide its clients with strategic consulting –type services.
The tool will analyse business banking and card payment transactions to present data and intelligent insights to help customers manage and grow their business, identify opportunities and provide a strong factual basis for businesses to action or make crucial decisions.
Mercator Advisory Group believes traditional banks are well positioned to leverage their positions as established players in the local economies, with their knowledge of the particular tides and seasonality of business activity by neighborhood. By demonstrating value-add with business insights, traditional banks can differentiate from less costly alternative financial institutions and thereby preserve business relationships.
Overview by Joseph Walent, Senior Analyst, Emerging Technologies at Mercator Advisory Group
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