Airwallex, a leading global payments and financial platform for modern businesses, announced a new global survey that revealed surging demand for cloud-based financial services with more than 80% of SMBs looking to switch away from traditional banks for their payment needs.
The report, jointly produced by consultancy, Edgar, Dunn & Company, and Airwallex, uncovers the financial services pain points faced by SMBs which can limit their ability to operate and grow globally.
The data shows that 82% of SMBs globally (86% in the UK and US) feel overlooked by banks and would change their current banking provider if their existing software platform or marketplace offered a like-for-like alternative. The services SMBs would be open to accessing include cross-border payments collection and payouts, business bank accounts, foreign exchange and treasury.
The findings demonstrate a clear opportunity for software platforms, marketplaces or expense management platforms to better serve SMB customers.
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