Do you support an ecosystem of services within your platform experience?
Small-business owners want to spend more time running their business and minimize their administrative duties.
McKinsey’s research suggests that entrepreneurs’ daily tasks fall into two categories. One is, obviously, building the core business: finding and approaching prospective clients, managing the delivery of products and services, and maintaining client relationships to generate further business. These activities are the true drivers of growth and profits.
The other category includes administrative activities such as accounting and bookkeeping, payroll management, following up on payables and receivables, financing, tax planning, and managing payments and bank accounts. These are all essential tasks without which a company cannot function properly. But they do not create profits.
So how do you bring this ecosystem of support together and enable small-business owners to save time, provide peace of mind and make you the FI the hub?
Take a look at the 3 phases for building an ecosystem of support for small-business owners and identify the column that best aligns with your platform experience. While the right column represents platforms on the cutting edge, the middle and, especially the left column, represents laggards, meaning immediate action needs to be taken.
In the left or middle column, Let’s chat about how your FI can orchestrate value through a one-platform vision that enables you to become cutting edge.
Let’s chat at [email protected], Backbase can help you better understand the challenges of small businesses and how our solution can address your gaps.
About The Author
Randy Johal is the Customer Strategy officer for Canada at Backbase.
Randy helps financial institutions turn their digital ambitions into reality with the goal of delighting their customers and driving unique value propositions to thrive in an increasingly competitive marketplace.
He pioneered the launch of the first integrated business services within digital banking in Canada including electronic invoicing and payments as well as cloud-based payroll solutions. Randy’s strategic insights into Canadian consumers and businesses, the impact of open banking and Payments Modernization coupled with his ability to understand how financial institutions can better serve their customers have made him a widely sought-after leader.
Randy was formally trained as an accountant in the UK before owning his own business and becoming increasingly interested in technology-enabled business. Randy has led teams who provided business solutions to top names globally including Hertz, Citizens Bank of Canada, Vancity Credit Union and Central 1.