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Most of the innovation efforts in fintech have focused on retail clients in the past, such as new retail investment and savings offerings, digital neobanks or buy-now-pay-later services. However, undoubtedly the biggest market and innovation opportunity lies in serving business clients: global online and offline sales in B2C are around 24 trillion dollars, whereas the B2B sales make up around 120 trillion (Statista – B2B eCommerce – In-depth Market Insights & Data Analysis). Beyond that, small and medium-sized businesses (SMBs) make up the large majority of the business population in most EU countries. That’s why there’s an increasing focus on creating new, innovative financial services for SMBs.
One financial institution that has built up an impressive product offering for SMBs is Nordea, a leading Nordic universal bank. In this episode, RR partners Maso Arai and Adrian Klee sat down with Nordea’s Olli Anteroinen, who is the Head of SME Digital, Business Banking. Together, we discuss the current state of SME banking and how large traditional banks can serve them better through creating new digital banking offerings.