SAP Fioneer has announced the launch of its SME Banking Edition to enable banks and neo-banks to access financial services. The solution will allow banks to offer banking capabilities through a digital-first and data-driven approach, specifically tailored to the financial needs and struggles of small and medium-sized enterprises (SMEs).
This announcement comes after the launch of SAP’s new cloud ERP offering, GROW with SAP, designed to help midsize companies take full advantage of cloud ERP and all the benefits that cloud solutions offer.
Despite making up a significant proportion of GDP and the workforce, SMEs have traditionally struggled to access financial services that meet their unique needs as the perceived risks and costs associated are deemed too high.
Fioneer SME Banking Edition seeks to address these challenges by connecting banks to external data sources such as open banking, central company registry, ecommerce and ERP data. It aims to give SMEs transparency for cashflow and provide insight to banks and enable eg smart funding options, which will offer more variety and increase the number of businesses these banks can serve.
Integrating with any core banking system and connecting to ecosystems via pre-configured APIs, Fioneer SME Banking Edition covers front-to-back capabilities and enables banks to offer services that go beyond traditional banking products such as loans and deposits. Banks will be able to broaden their offering with embedded services and stronger financial advice directly for SMEs.
Charlie Platt, managing director of banking at SAP Fioneer, said: “SMEs represent the lifeblood of the economy and it is critical that they are able to access the financial services they deserve. Through our SME Banking Edition, banks will be able to create commercially viable, unique and better banking experiences for SMEs that will help them to stay ahead in a challenging economic environment.”
Dirk Kruse, CEO of SAP Fioneer, said: “The introduction of our Fioneer SME Banking Edition significantly strengthens how banks interact with SMEs. Utilizing our proven technology, we’re facilitating banks to better serve SMEs in a dynamic economic landscape. Drawing inspiration from the B2C market, we’re empowering banks to elevate their service offerings for SMEs.”
