Banks and SMEs: a new beginning?

The relationship between banks and SMEs tends to overcome the simple products such as credit - deposit and to turn into long term partnerships. Small SMEs and banks are beginning to understand that a business relationship is not just the product offered or the price or guarantees. A business relationship means a relationship in the first place.

Small businesses and banks seem to enter a new phase of their business relationship.

The new business connection goes in the direction of finding solutions to the specific and more complex problems, depending on the context in which is located the bank's partner. The responsible bankers for small SME segment call this approach, "relationship banking" and seem to have a concrete plan to implement it.

One of Romania's top 10 banks tested the concept on more than 1000 small SMEs.

This concept is built on a concrete structure given by a tree-sized trading pack that a small SME can use it in everyday activities. The focus point of this package is the service of online banking, "fastbanking", offered free of charge.

Small SMEs use the service fastbanking to view their accounts (over 90% of customers), to verify transfers (80%) and to make various payments (75%). At preferential costs, the package also includes products like: pay agreements, letters of guarantee, negotiated exchange rates and facilities offered by subscription to the benefits of personal banking account for company shareholders.

Source: Capital