Saturday, 21 July 2018

Information and commentary for the small business banking industry

The growth of technology in small business banking

07 Feb

Last year, Barclays bank in the UK launched their new lending app, demonstrating the growing role of technology in banking. Now, Tide, a mobile-first banking app for small businesses, has launched in the UK. It enables users to set up a fully functioning business account in a matter of minutes using their passport or driving licence.

Technology is moving ahead in leaps and bounds, and this is especially true for small business banking. Increasingly, banks are discovering that their small busines customers are expecting more automation digital options in their bank. For instance – and this is especially true of service-based businesses – having a mobile payment option for their customers is important. They want to be able to give their customers the option of paying on the spot, with the old invoicing system quickly becoming a relic of the past.

That’s why it’s important for banks to look around and see what new technology’s available in the small business banking sector, and to bring on board anything that’s relevant and is being widely used. This is true even for small-town banks who’ve had clients in the same family going back generations – they’ll still expect to move with the times.

The below article looks at the new Tide app in more detail.

Read the full article at:

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