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.”
The SME sector is “a vital component of the global economy, accounting for 99% of UK and EU businesses and employing approximately 16.4 million and 84 million people respectively.*
Despite making up a significant proportion of 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.”
This will give SMEs clear transparency “about cashflow and provide insight to the banks and enable e.g. smart funding options, offering more variety and increasing the number of businesses banks can serve.”
As a unique end-to-end solution, Fioneer SME Banking Edition “covers front-to-back capabilities and seamlessly integrates with any core banking system.”
It enables 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 connect to ecosystems via pre-configured APIs.”
Charlie Platt, Managing Director of Banking at SAP Fioneer, comments on the launch, said:
“SMEs represent the lifeblood of the economy, and it is critical that they are able to access the financial services they deserve. Through our SME Banking Edition, banks will be able to create commercially viable, unique and better banking experiences for SMEs that will help them to stay ahead in a challenging economic environment.”
Dirk Kruse, CEO of SAP Fioneer, said:
“The introduction of our Fioneer SME Banking Edition significantly strengthens how banks interact with SMEs. Utilizing our proven technology, we’re facilitating banks to better serve SMEs in a dynamic economic landscape. Drawing inspiration from the B2C market, we’re empowering banks to elevate their service offerings for SMEs.”
As clarified in the update, business population estimates “for the UK and regions 2022 (UK Government), Statista 2022.”
As mentioned in the announcement, SAP Fioneer was “launched in 2021 as a joint venture between global technology leader SAP and entrepreneurial investor Dediq to become the world’s leading provider of financial services software solutions and platforms.”
With a broad ecosystem of partners, over 800 financial services customers and more than 1,000 employees, SAP Fioneer is “a global business present in 17 countries across Europe, North and Latin America, Middle East and Asia-Pacific.”
By combining the speed and agility of a start-up with the proven capabilities of a best-in-class software company, SAP Fioneer says it “enables banks, insurance companies and challengers to run, transform and grow while meeting their need for speed, scalability, and cost-efficiency through digital business innovation, cloud technology, and solutions that cover banking and insurance processes end-to-end.”
