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Beyond Banking, Beyond Expectations: Why Banks Must Act Now to Win Small Businesses
In a world of fast-moving fintechs, challengers and rising customer expectations, mainstream banks face a simple choice: evolve or be eclipsed. That was the core message from our recent webinar, chaired by leading financial research and financial advisory firm, Celent. Senior voices from Santander, RBC, and BankiFi gathered to answer one very big question: Is Beyond Banking The New Everyday Banking?
With a lot to unpack, a powerful truth emerged: mainstream banks are still in the game, but only if they move fast and focus on what small businesses actually need.
“Good Enough” Isn’t Good Enough Anymore
Celent’s research showed that 62% of small businesses are satisfied with their online and mobile banking. That’s great, except satisfaction is no longer a differentiator. Small businesses are juggling dozens of apps and admin tasks, and more than half (56%) would prefer to consolidate those services under one roof. Even more crucially, they want that roof to be their bank.
The message? Banks have permission. But the window won’t stay open for long.
Time is the New Currency
Whether it’s a deli owner or a freelance designer, one need dominates: time. Small businesses aren’t chasing dashboards—they want outcomes. Automating invoicing, reconciling payments, forecasting cashflow, tracking expenses—these are the jobs they didn’t start their business to do.
Mark Hartley, CEO of BankiFi, put it simply: “We don’t wake up excited about finance. We wake up to get paid, and to get back to what we care about.”
This isn’t about adding bells and whistles. It’s about removing friction and delivering relevance, right in the channels small businesses already use.
The Stakes Are High and So Are the Rewards
According to Celent’s data, if banks fail to provide these value-added services, over 40% of SMEs would consider switching to another provider. In areas like expense management, that figure rises to 55%.
But here’s the flip side: those who act fast win big. RBC shared that customers using their integrated ecosystem stay longer, spend more, and rank higher on NPS. For BankiFi clients, embedding beyond banking features has become a business case no-brainer.
This isn’t just about retention. It’s about unlocking new deposits, attracting net new SMEs, and gaining relationship primacy—becoming the platform where business is run, not just banked.
What Should “Beyond Banking” Actually Deliver?
It’s tempting to chase the latest trend. But the reality is simpler and it starts with helping small businesses get paid, faster and with less stress.
Here’s what beyond banking really means in practice:
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Invoicing that includes payment links and tracks settlement
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Automatic reconciliation with real-time cashflow updates
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Tax calculations and “jam jar” accounts for compliance
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Embedded finance tools that support short-term working capital
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Integrations that make banking the control tower—not another silo
These aren't “nice-to-haves.” They're table stakes for small businesses trying to survive and grow. And banks are uniquely positioned to deliver them, thanks to their trust, infrastructure, and regulatory footing.
Defining What’s Next
At BankiFi, we don’t just build technology—we bring banks closer to the businesses they serve. Our insights are grounded in millions of data points and daily conversations with real SME users. Our platform is purpose-built for mainstream banks, designed to cut through legacy barriers while future-proofing digital channels.
We’re not interested in catching up to the neobanks. We’re here to help you leapfrog them—by defining what’s next, together.
