SAP FIONEER UNVEILS BANKING SOLUTION TAILORED TO SME FINANCIAL NEEDS

KUALA LUMPUR, June 22 (Bernama) -- SAP Fioneer, a global provider of financial services software solutions and platforms, has announced the launch of its Fioneer SME Banking Edition.

The solution will enable banks and neobanks to offer banking capabilities in a digital-first and data-driven approach, tailored to the financial needs of small and medium-sized enterprises (SMEs), a historically underserved market segment.

In a statement, SAP Fioneer Chief Executive Officer, Dirk Kruse said the introduction of Fioneer SME Banking Edition significantly strengthened how banks interact with SMEs.

“Utilising our proven technology, we are facilitating banks to better serve SMEs in a dynamic economic landscape. Drawing inspiration from the B2C market, we are empowering banks to elevate their service offerings for SMEs,” added Kruse.

The SME sector is a vital component of the global economy, accounting for 99 per cent of the United Kingdom and European Union businesses and employing approximately 16.4 million and 84 million people respectively.

Despite making up a significant proportion of gross domestic product (GDP) and the workforce, SMEs have traditionally struggled to access financial services that meet their unique needs, as the perceived risks and costs associated are deemed too high.

Fioneer SME Banking Edition addresses these challenges by connecting banks to external data sources such as Open Banking, central company registry, e-commerce and Enterprise Resource Planning (ERP) data, to form actionable insights that significantly help SMEs to stay ahead.

As a unique end-to-end solution, Fioneer SME Banking Edition covers front-to-back capabilities and seamlessly integrates with any core banking system, enabling banks to offer services that go beyond traditional banking products such as loans and deposits.

Banks will be able to broaden their offering with embedded services and stronger financial advice directly for SMEs. The solution can also be easily integrated and connected to ecosystems via pre-configured application programming interfaces.

-- BERNAMA