Tailored business banking: meeting the unique needs of every customer segment

The landscape of business banking is changing all of the time. Your clients, whether they are sole proprietors, small businesses, or large corporations, expect personalized experiences that are both digital and human. The traditional models that banks have relied on are no longer enough — they’re expensive, slow, and they’re holding you back.

In my recent keynote at Backbase ENGAGE Europe, I explored how Backbase’s segment-based approach to business banking can help you offer tailored, scalable solutions to your entire business customer base. From sole traders who need simple self-service options, to commercial clients seeking advanced treasury management, our platform empowers banks to deliver the right mix of digital efficiency and human expertise — all from a single platform.

The typical approach to business banking is flawed. Banks dedicate relationship managers to only their most valuable clients, leaving many businesses underbanked and underserved. On average, this model consumes 55% of a bank’s income, while still failing to deliver the high-speed service today’s customers expect. Fortunately, with the right digital tools, you can flip this script.

By integrating a hybrid model of human and digital engagement, banks can reduce the cost to serve by 70%. This means you can offer tailored digital self-service to smaller businesses, while still providing relationship managers for high-value corporate clients, and enhance their productivity with contextualized data and insights. 

The result? Comprehensive service, increased profitability, and happy clients at every stage.

1. Empowering sole traders and small businesses with self-service

Sole proprietors and small business owners are busy running their operations, not managing their bank accounts. They need simple, intuitive financial tools that help them get the job done quickly. Our platform offers tailored dashboards that give these clients a clear overview of their accounts, cash flow, and invoices — all in one place.

Imagine a florist who needs to send an invoice. Instead of hiring an accountant or logging into multiple systems, they can use the embedded invoicing capabilities within their banking dashboard. They can manage everything from quotes to payment reconciliation with just a few clicks, all while keeping their cash flow under control. And when their business needs a loan to cover short-term cash flow gaps, our platform offers them proactive, real-time financing options, turning everyday banking into an effortless experience.

2. Supporting small and medium-sized businesses with actionable insights

As businesses grow, their financial needs become more complex. They may not have a full finance team, but they still require sophisticated tools to manage their operations. That’s where our small business dashboard comes in. By integrating with accounting software and offering advanced analytics like cash flow forecasting, we help small businesses stay on top of their financial health.

Take the case of a small construction company that’s expanding rapidly. With our platform, the owner can access real-time insights into their cash flow, see upcoming payments, and even receive proactive alerts when potential issues arise. Need to secure financing for a new project? With just a few clicks, they can access the right loan products, tailored to their specific needs, directly through the platform.

3. Delivering white-glove service to corporate clients

For larger commercial and corporate clients, the stakes are higher, and so are their expectations. These clients need digital tools that offer full visibility into their treasury and liquidity management, along with personalized human support when needed. Our platform provides CFOs and finance managers with the tools they need to run their operations smoothly, from direct debit management to real-time forex transactions.

Picture a CFO managing multiple subsidiaries across different geographies. With our platform, they can view the company’s entire liquidity position, manage direct debits, and execute forex contracts — all from one dashboard. And for busy finance managers, our platform’s advanced analytics offer real-time insights into revenue, expenses, and overall business performance, enabling them to make quick, informed decisions that drive the company’s success.

With Backbase’s Engagement Banking Platform, you can offer personalized, segment-based experiences for every business customer — from sole traders to corporate clients. Our composable platform fabric allows you to scale these solutions easily and efficiently, delivering superior service while optimizing your internal processes.

Gone are the days when business clients had to choose between impersonal digital interactions or costly human services. With the right balance of self-service, AI-powered tools, and human expertise, you can meet the diverse needs of your entire customer base — and ensure they stick with you for the long haul.

Now is the time to future-proof your business banking services. Ready to learn more? Let’s talk!