SME Neobanks are solving the banking challenges of SMEs (Small & Medium Enterprises) like delays in processing loans, tedious paperwork, and repetitive tasks. According to research by Razorpay, businesses lose around Rs 67 lakh per annum due to age-old banking practices. Undeserved by traditional banks, small businesses are turning to SME neobanking for real-time financial services.
The ability of SMEs to maintain proper bookkeeping and enforce compliance regulations come in the way of acquiring much-needed business credit. Due to the friction SMEs experience with traditional banking, their potential for business growth, innovation, and job creation. However, SME neo banks help small businesses power their growth strategies with the below features:
Personalized Customer Experience
Neobanks offer seamless and customer-centric banking experiences across services like remittances, fund transfers, bill payments, and personal finance. They tailor their products and services to suit the specific needs of SMEs regardless of their size and industry.
Automating Banking Operations
With SME Neo banking, businesses can eliminate human errors and other accounting mishaps by automating end-to-end management. By adopting a neobank like ZikZuk, you get access to Business Finance Manager (BFM) that automates bookkeeping, vendor payment collections, invoicing, and other similar tasks.
SMEs also get complete visibility into their financial health, cash flows, and bank statements from one single dashboard. SME neo banks put businesses in control of their financials through smart reporting. It helps them in deriving insights from the data and make informed decisions.
Faster access to Business Credit
SME neobanking’s primary USP is its speed. From minimal paperwork to accelerated application processing, Neo banks offer SMEs quick access to lending products so that they can drive their growth plans. ZikZuk, for example, offers SMEs credit options like term loans and working capital credit lines at attractive interest rates.
Better Compliance & Transparency
With a transparent and user friendly banking experience that neo banks provide, SMEs can avoid unnecessary charges or fines. They also provide intelligent alerts and notifications so that you don’t miss out on any due dates and ensure your creditworthiness.
Neobanks inherently build safe financial platforms employing cutting-edge technologies and security practices like multi-factor authentication. Further, they offer robust payment infrastructure to ensure enterprise-grade security for your transactions.
Experience the true potential of neobanking with ZikZuk, a leading SME neobank in India. ZikZuk helps SMEs efficiently manage their finances and scale up operations with quick access to credit. ZikZuk’s BFM also facilitates automation capabilities to generate sales invoices, customer quotations, and payment reminders besides enabling direct linking with Tally.
Check out our website to learn more about ZikZuk.