How can Fintech and bank collaborations shape the future of SME businesses?
Earlier it was very difficult for a small business to get business loans from traditional banks, due to their tedious process.
Now with the introduction of fintech, many small businesses are getting benefitted as fintechs are developing customized solutions for SMEs by operating in partnership with banks.
The partnership is the future for both banks and fintech as through this they can disrupt the financial services landscape. Also, they are able to build customized products, features and through partnership, they are able to cater to huge markets and improves customer experience as well.
With connected banking businesses are able to collect and send their payments quickly and are able to get real-time control of their cashflows as both accounting and reconciliation are online.
Businesses are also able to cater huge customer base and improved customer experience, also they are able to accept payments online from various modes such as UPI, debit/credit card, net banking which improves their collection efficiency.
Banks are developing solutions according to the need of businesses such as working capital loans, invoice discounting, SME credit cards by collaborating with the fintech, which helps a fintech in their growth journey.
Hylobiz a B2B fintech startup also digitizes an SME collection and payables journey by providing them real-time insights into their business with its Hylobiz dashboard.
Also, a business can manage its inventory on the platform and can improve its working capital with Hylobiz.
With its connected banking services, a business connects their existing bank accounts and can collect payment from their customers through various modes, can also payment reminders when a payment is due.
At Hylobiz API marketplace a business can avail working capital loans at lower interest rates and can grow their business by enjoying higher liquidity.
Read our blog originally published on : https://hylo.biz/how-can-fintech-and-bank-collaborations-shape-the-future-of-sme-businesses/