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Extracted from Accenture research, this guide aims to help commercial banks serve the SME market effectively, efficiently, and profitably.
Small and medium enterprises (SMEs), the backbone of most of the world’s economies, have been hit hard by COVID-19. Half of the 1,300 we polled in May 2020 had seen a significant decrease in sales.
Commercial bankers we talked to expect 10 to 30 percent of SMEs to go bankrupt due to a lack of cash flow and disrupted supply chains brought on by the pandemic.
Banks have played a critical short-term role as fast and at-scale distributors of public-backed loans to help alleviate the initial economic distress of eligible SMEs. Looking longer term, banks that help SMEs optimize new capital and adapt their operations to survive through—and thrive after—COVID-19 will not only fulfil their social purpose but also build trust in their organization. It means being a partner that can better serve the segment in the form of a human connection efficiently provided by an empowered relationship manager, as well as simple self-service digital tools, relevant value-added services and the right tailored advice. Learn more here.