🌏Imagine… A Pacific Future with Better Banking Services for Small Businesses 🌏
💡 Imagined Endstate:
The Pacific region has successfully leveraged the best practices and insights from the McKinsey report on how banks can better serve small-business clients. The region has fostered a culture of innovation, trust, and partnership, where banks and small businesses work together to create value and growth.
🔗Link:
📚Source:
Campbell, B., Madan, A., Nunez Maxwell, M., Oliveira, F., & Sridharan, A. (2023). Five ways for banks to better serve small-business clients. McKinsey & Company.
💥 What’s the Big Deal:
The report by Campbell et al. (2023) reveals that small-business banking represents a significant opportunity for banks to strengthen their revenues and relationships, especially in the context of rising competition and changing customer expectations. 💳The report also identifies five ways for banks to serve better small-business clients: knowing what they want, capturing money in motion, delivering end-to-end cash flow management, integrating payments processing, and offering a broader suite of commercial enablement tools.
Small businesses are a vital driver of economic and social development for the Pacific region, especially in the face of global challenges such as climate change, health crises, and the digital divide.📱By leveraging the best practices and insights from the McKinsey report, the Pacific region can enhance its banking services for small businesses and increase their satisfaction, loyalty, and profitability.🏦 The banking services can also support the region’s innovation, trust, and partnership and enable more banks and small businesses to work together to create value and growth.
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