Data Innovation and SME Banking - ERP Spain.com - España y América Latina

Data is increasingly available in open API format, and this is particularly applicable to SMEs and businesses - from accounting APIs to Open Banking We see a future of collaboration in business banking that will ultimately benefit SMEs/corporate clients. Businesses do not work in the same linear manner as consumers - companies have complex needs with multiple maturity periods. This requires algorithm driven technology utilising multiple sources for data innovation. Our platform utilises private and public data including data via Burrau van Dijk for company and sector data, ownership and Peps/sanctions; Fitch Solutions Financial Implied Ratings (FIRs) for global coverage of more than 23,000 banks including 20,000 previously unrated; and Defaqto for full coverage of business banking products, as well as OECD and Customs and Excise trade data. Add to this private data sources such as banking transactions via Open Banking, accounting via open APIs and tailored products via our panel banks. Business banking will undergo a transformation over the next decade, with change due to a combination of company / corporate demand and regulatory pressure on the banks. In the business banking space, banks and other financial institutions will revert to a focus on conventional banking, with increasing partnerships providing services to companies across the spectrum of financial products and more useful analytics tools linked to applicable products that change as the business life cycle and stage develop. Banks are considered digital identity guardians and have access to a wide range of data. When this is used with an appropriate Data Analytics platform, along with simple Product Prompts and product Execution, this will ensure that companies will benefit significantly from the changes underway in financial services.