SAP Fioneer , a global provider of financial services software solutions and platforms, has announced the launch of its Fioneer SME Banking Edition. The Fioneer SME Banking Edition solution will enable banks and neobanks to offer banking capabilities in a digital-first and data-driven approach, tailored to the financial needs of small and medium-sized enterprises (SMEs) – a historically underserved market segment.

Increasing access to financing As stated in the press release, the SME sector plays a crucial role in the global economy, representing 99% of businesses in the UK and EU and providing employment for around 16.4 million and 84 million individuals respectively. However, despite their substantial contribution to GDP and the labor market, SMEs have historically faced challenges in accessing financial services tailored to their specific requirements. The perceived high risks and costs associated with serving SMEs have hindered their ability to obtain suitable financial solutions.

Fioneer SME Banking Edition addresses these challenges by connecting banks to external data sources such as Open Banking, central company registry, ecommerce and Enterprise Resource Planning (ERP) data, to form actionable insights that significantly help SMEs to stay ahead. This will give SMEs clear transparency about cashflow and provide insight to the banks and enable smart funding options, offering more variety and increasing the number of businesses banks can serve. As a unique end-to-end solution, Fioneer SME Banking Edition covers front-to-back capabilities and seamlessly integrates with any core banking system.

It 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. The solution can also be easily integrated and connect to ecosystems via pre-configured APIs.

SAP Fioneer’s officials emphasized the significance of SMEs as the driving force behind the economy and stressed the importance of enabling them to access the financial services they require. With their SME Banking Edition, banks will have the capability to develop commercially viable, exceptional banking experiences tailored specifically for SMEs. These enhanced banking solutions will empower SMEs to thrive in a demanding economic landscape and maintain a competitive edge.

SAP Fioneer also highlighted that the introduction of their Fioneer SME Banking Edition revolutionizes the way banks engage with SMEs. By leveraging their established technology, they enable banks to enhance their service provision to SMEs within a dynamic economic environment. Taking inspiration from the B2C market, SAP Fioneer enables banks to elevate their offerings and deliver exceptional services tailored to SMEs.

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