SME banking needs evolve with digital transformation: EY

Singapore

SMALL and medium-sized enterprises (SMEs) in the region, including Singapore, are more likely to consider switching their main financial services provider than their global peers, according to a recent EY survey of 16 markets around the world.

The results indicate growth in digitalisation of SMEs and the latter's evolving digital needs; as well as the widening gap between SMEs' expectations and bank offerings concerning time-to-credit and other financial products.