Small and medium businesses act as a pillar for an economy as they’re the largest contributor to any country’s employment and economic growth, but still, access to finance to these businesses remains the key challenge for them.
With the fintech coming into the picture, the scenario has changed, and now with bank and fintech partnership, the process of doing day-to-day banking, buying insurance, managing wealth has changed, both for the retail and business customers.
The innovation in the financial landscape has led to the development of many new products, revenue models, and improved customer experience.
Now, businesses with no or very low credit scores are also able to get business loans at low-interest rates, also a business can enjoy all the banking services from their smartphone only.
Also with banking, a business enjoys many value-added services such as expense management, inventory management, reconciliation, and utility payout on the same app, so a business need not devote its time to too many apps.
Hylobiz is a B2B neo banking platform, with which a business can easily integrate their existing ERPs and start getting paid on time.
Hylobiz platform automates the receivables and payables journey of a business, which improves their collection efficiency and saves their time, with its automated reminder feature a business also need not chase its invoices.
Also offers connected banking services in partnership with banks, which helps a business in quick settlements, auto reconciliations, and automating their payouts.
At the API marketplace on Hylobiz, a business can avail of quick and easy business loans at low rates. Also, it provides a dashboard, various reports to businesses on their performance, which helps a business in saving their time and cost.
Read the blog originally published at : https://hylo.biz/6-ways-fintech-and-bank-partnerships-can-improve-sme-businesses-in-uae/