Banking Circle Report on Financial inclusion for European SMEs
Banking Circle provides B2B banking services around the world. It's a key player in the fintech revolution and in this report wanted to address a key market that has long been underserved by traditional banking services - small and medium businesses. Working with the team from comms agency Magna Carta, we interviewed a series of industry commentators, customers, fellow fintechs and SME owners, and then looked for the numbers to back up their thoughts. There were plenty out there - to prove that Banking Circle's premise was spot on. I then turned all this information into a cohesive report (with plenty of circular metaphors throughout - very proud of the carousel of collaboration!) that the target audience would read and get behind. The result was an uptick in interest for Banking Circle - and repeat business for Magna Carta.
About the project
It is not often that availability of technology, legislation, standards, and strategy come together at the same moment, as they appear to be in relation to financial inclusion for SMEs.
The recognition is there. From state actors to software developers, FinTechs and financial institutions, SMEs and NGOs recognise that financial inclusion for small businesses is a critical necessity. There is a growing commitment to improving access to commercial banking, transaction services and lending for SMEs across Europe. As one interviewee put it, “This opportunity is the chance to solve one of the world's largest socio-economic problems, the £1.2 trillion undersupply of credit to SMEs.”
There are plenty of ambitious, but still underserved, businesses with specific needs that could be met by an open, joined-up ecosystem. There are plenty of potential providers of innovative ‘point’ solutions.
But as this report highlights there is still a lack of connection between the two, apart from individual, often ad hoc series of collaborations. The bigger picture of a connected ecosystem – a circle of trust – is often obscured by a virtual tidal wave of statistics, audits and promotions.
