Even with the huge resources available to them, it can be difficult enough for the banks and major corporations to go digital. For SMEs it’s an even tougher ask and some are simply overwhelmed with the amount of change they need to go through.
The important thing is to prioritise. There are lots of ways that SMEs can become more efficient by digitising, but it’s difficult to know where to start. They should take a step back and look at what’s going on in the market and what their competitors are doing. If they need, rather than attempt to digitise themselves, they can seek external partners to help them. For example, fintech firm Fineon helps companies provide lenders with all the documents they need in a digital format when they’re looking for new funding.
It’s hard to imagine how firms with absolutely no digital capabilities will be able to succeed in the future. There are lots of incentives for SMEs to make the move – digitisation can help them improve their own internal processes and make efficiencies, and it could make them more resilient and help them find cheaper financing. There’s lots of help out there, including from governments, banks and digital platforms. NatWest can help by educating SMEs and pointing them in the right direction by highlighting the changes that are likely to have the biggest impact.