The team at digital bank Revolut notes that being able to work effectively in a digital environment is very important for small businesses. After a year that challenged many SMEs globally to adapt and become more flexible due to the COVID outbreak, everything from customer management and communications to financial services has been moving to an all-digital or online environment, the Revolut team writes in a blog post.
They also mentioned that in the banking and finance sector, this change has had “a dramatic yet positive effect.” They explain that in an API-driven digital economy, banking institutions are no longer the “sole custodians of customer data.” Revolut‘s blog points out that this means that banks need to take a more “holistic approach” to their customer’s requirements.
Many banks now “supplement their traditional offering with complementary products and services to open new opportunities,” the Revolut team explains while adding that banking service providers are helping their small business clients “grow more sustainably and digitally.”
Neeta Mundra, Banking and Financial Services Executive at Salesforce, adds:
“As customer expectations continue to rise, and regulations remain unpredictable we’re seeing analytical, technology-driven business models that make finance more accessible, inclusive and competitive by connecting data. Banks are no longer the sole custodians of their customers’ data. This evolution – led by Open Banking – is leading to customer-centric innovation, embedded finance and integrated ecosystems, like the Revolut Business Marketplace.”
Revolut’s blog post further notes that in recent years, digital financial services have rapidly evolved to meet a growing demand for more transparency and adaptability in a “constantly changing economic landscape.” The digital bank also mentioned that moving to an online platform has created several benefits for clients.
These benefits, according to Revolut, include:
- Accessibility. With their entire financial history “at their fingertips, small businesses can enjoy more than just access to transactional data.” They can “export information for planning, as well as integrate other digital tools into processes.”
- Security. As a one-stop-shop for all of their online resources, small businesses “can relax, knowing shared data is always secure.”
- Visibility. Featuring a simple and clear dashboard, small businesses “can keep a close eye on every angle of their business.”
Revolut further notes that for financial services, moving towards a digital or open finance API led structure has “driven creativity and outside-the-box thinking.” According to the digital banking platform’s management, this leads to “greater flexibility in the products offered and a more agile mindset when it comes to customer needs.”
Revolut’s blog adds that this is “exemplified by Revolut Business, the business financial super-app.” The bank also notes that by supporting small businesses with “discounted access to complementary brands and products through a dedicated Rewards platform, Revolut Business is aligning their own digital platform and other platforms to benefit their customers.”
Declan Hannon, Lead Strategic Partnerships Manager for Revolut Business, remarked:
“Businesses are now exiting what has been one of the most difficult periods in living memory. At Revolut Business, we want to ensure we can give all our 500,000+ business customers a boost with access to industry-leading solutions like Salesforce, while endeavouring to keep costs as low as possible so they can focus on growth.”
As mentioned in the update from the digital bank, Revolut Business clients will now be able to take advantage of Salesforce for Small Business and buy this SME-focused CRM solution at “a discounted rate from the Revolut Business Rewards platform.”
The update further revealed that this hub is home to various rewards and discounts that help SMBs using Revolut Business. It can support their ongoing growth and assist with their customer management, finance and communications requirements.
As noted in the update:
“Now that Salesforce has partnered with Revolut Business, there’s a fresh host of new benefits available to small businesses using the fintech’s platform. A customer relationship management (CRM) will help small businesses rethink and reshape how to manage customer interactions.”
The announcement also mentioned:
“As a small business working with open finance services, a CRM platform is the perfect addition to bolster your existing digital toolkit. Featuring a centralised place to keep track of all your customer data with a clear and customisable dashboard, you’ll get a deeper understanding of your customers and their needs at the click of a button.
Adam Spearing, EMEA Field CTO & SVP Solution Consulting UKI at Salesforce noted:
“The value of data is critical for individuals and businesses of all sizes in today’s all-digital, work from anywhere world. Open Data is driving towards an API-led digital economy, where the customer is in control of their data and decides who it is shared with in return for personalised products and services. We’re proud to work with Revolut Business, the innovative business account from the fintech super-app, on this journey.”
Existing UK Revolut Business clients may claim their discounted Salesforce subscription “directly within the Rewards page.” To learn more about these products and related offers, check here.