Join us for an insightful Virtual Fireside Chat on the evolving landscape of SME Banking in Australia and New Zealand. A 2024 report by Publicis Sapient revealed that only 40% of Australian SMEs hold a “somewhat positive” view of their current banking providers, with a further 5% expressing negative sentiments. This significant level of dissatisfaction highlights a clear opportunity for banks on both sides of the Tasman to better serve this crucial sector. Furthermore, research indicates that over 40% of SMEs in the region have considered or are using alternative financial providers, suggesting a willingness to move away from traditional banking relationships for various financial needs.
Our discussion will explore how banks can adapt to this changing environment by fully embracing digital transformation and focusing on customer-centricity across all touchpoints. This includes offering seamless digital onboarding for all banking services, as cumbersome online processes negatively impact customer satisfaction. Crucially, banks must also provide integrated financial management tools, including features for streamlined invoice management, cash flow forecasting, and expense tracking, alongside proactive digital support delivering readily accessible and relevant information through online and mobile channels to enhance customer satisfaction and build stronger relationships. A key aspect of this evolution will be the development of tailored offerings designed to meet the specific needs of diverse SME segments, moving beyond a one-size-fits-all approach.
To further enrich our discussion, it’s important to consider the regulatory environments shaping SME banking in both Australia and New Zealand. While both countries share common goals of financial stability and consumer protection, there are nuances in their approaches that impact how banks interact with SMEs.
For more information please contact:
Ben Harris
Bespoke Events Producer
ben.harris@fstmedia.com.au
Executive Roundtable Sponsor
