SMEs have been waiting for Barclays’ SmartBusiness Dashboard
Barclays has just launched an interesting online banking feature for SMEs. Using APIs, the bank is allowing its SME customers to view their account information and everyday business data in a SmartBusiness Dashboard on its online banking website.
This aggregation feature is the result of a number of collaborations between Barclays and leading app providers in the market. Partnering with a range of different players – Box, Shopify, Google Analytics, Facebook, Office 360, Xero, to name a few – users can connect their existing, and new, apps to the SmartBusiness Dashboard. Information and analytics from these are then pulled into one Dashboard to show a holistic view of their business including cashflow, profitability, social followers, website analytics, e-commerce, inventory, staff schedules, and more.
The CEO for Barclays Business Banking, Ian Rand, told Finextra: ‘Busy business owners shouldn’t have to spend time sorting through different spreadsheets, reports or switching between apps – we’ve created a tool to give businesses time back – and this is an efficient way to run and grow their business.’
The fact is that SME customers want more from their banks. Looking at recent statistics, 80% of UK SMEs believe their primary bank could do more to support them and only 30% of SMEs believe that their bank actively supports their business.
‘If SMEs have to seek business support services elsewhere, it means that banks are missing out on significant revenue opportunity,’ says Rory Pennington, Lead Analyst at Mapa.
‘Barclays SmartBusiness Dashboard represents a shift in the way banks are starting to serve businesses. By providing real business insights that can directly impact performance and business strategy, Barclays is providing a solution that differentiates itself in the marketplace.’ Pennington says.
Mapa has taken a closer look at Barclays’ SmartBusiness Dashboard in our latest Insight Series report, on Digital SME Banking. Comparing the big five banks in the UK, our analysts have benchmarked and ranked the incumbents across a number of categories. If you would like to know more, please contact us or download a free sample here.