Small and medium-sized enterprises (SMEs) in 2024 are predicted to focus on streamlined management, personalised banking, alternative lending, and the rise of all-in-one digital banking platforms, according to industry leaders and CEOs in the fintech sector.
Brett Sussman, head of marketing and sales at American Express, highlighted the importance of cash flow management for small businesses in the coming years. The data from American Express showed that small businesses are determined to overcome obstacles and improve their businesses, with 50% of small businesses surveyed agreeing that cash flow management tool consolidation positively impacts profitability. Sussman expects the emphasis on cash flow management to continue in 2024, with small businesses needing streamlined management with enhanced cash flow tools.
Yanki Onen, the CEO of wamo, a digital business account provider, predicted a shift in the business banking sector in 2024, with SMEs in particular needing tailored support from banks to help weather the storm. Onen believes that relationships, trust, and personalised support will be prioritised in the new era of business banking.
Richard Prime, co-founder and co-CEO of Sonovate, a provider of finance and payment solutions for the contingent workforce, discussed the growing need for alternative lenders in the SME funding gap. High street banks are increasingly reluctant to lend to SMEs, making alternative lenders a lifeline for UK SMEs. He predicts that fintech lenders will continue to step up in 2024 and fill the SME funding gap.
Eyal Lifshitz, founder and CEO of Bluevine, a digital banking platform for small businesses, sees the evolution of bank accounts becoming the “super app” for small businesses. He believes that small businesses will rely on banking platforms for digitalisation, cost savings, and efficiency in 2024.
Mike Randall, CEO at Simply Asset Finance, discussed the key pressures that SMEs are still looking to resolve in 2024. He believes that businesses need suitable funding and support, and that they may need to restructure their debt to give them breathing room. Randall emphasized the importance of experienced and innovative finance providers in understanding the unique needs of SMEs and supporting their growth opportunities.
Overall, the predictions for SMEs in 2024 highlight the importance of cash flow management, tailored support from banks, alternative lending options, all-in-one digital banking platforms, and experienced finance providers in helping SMEs overcome challenges and achieve growth.
