Small and mid-sized businesses (SMBs) account for a significant portion of global GDP and employment. As such, financial service providers play a crucial role in supporting the growth and success of these businesses. However, effectively serving SMBs is easier said than done, especially for financial service providers that need data to make informed decisions.
The problem is that SMBs are a diverse and fragmented market. There are millions of small businesses in the world, ranging from mom-and-pop stores to tech startups, and each one has unique needs and challenges. Moreover, SMBs have a higher turnover rate than larger enterprises, which makes it difficult for financial service providers to develop a deep and meaningful understanding of their client’s businesses.
To overcome these challenges, financial service providers must turn to SMB data.
Getting the Bigger Picture of SMBs
SMB data is a collection of information about small and mid-sized businesses, including their financials, industry, life cycle stage, and other relevant metrics. By analyzing this data, financial service providers can gain insights into the unique needs and challenges of SMBs, which they can use to tailor their products and services to meet those needs.
For example, SMB data can help financial service providers identify which industries are growing or declining, which can inform their lending decisions. It can also help providers understand which businesses are most likely to succeed and which are at risk of failure, which can inform their risk management strategies.
One Israel-based company is steps ahead in easing the pains of financial service providers in getting the bigger picture of their SMBs. Founded by Leetal Gruper and Sergey Bahchissaraitsev, Tarci is a continuous intelligence engine that regularly collects, analyzes, and translates billions of signals from diversified sources, turning big data into actionable insights. Customer-facing teams at Fortune 200 companies, such as prominent financial institutions, insurance companies, and enterprises that target small and mid-sized businesses, are currently experiencing a significant boost in their efficiency and productivity as a result of the company’s dynamic data.
Just recently, the company announced its latest data suite, Tarci for Financial Services. This data suite aims to provide useful information for sales, marketing, risk, and retention strategies within the financial services sector, and to offer insights into the behavior and needs of small and medium-sized businesses, by combining up-to-date SMB profiles with data-driven insights.
“The new Financial Services Module Suite is the result of a year-long collaborative work between Tarci and data teams in major banks and financial institutions,” says Leetal. “It’s a great feeling because we know we’re helping our clients better serve their clients, and that’s a win for everybody.”
Tarci has developed individual data modules that can identify SMBs that require specific financial services due to various catalysts and life cycle events. These include: Business lines of credit, Business term loans, Merchant services, Foreign exchange services, Checking and savings – established SMBs, Checking and savings – new businesses, New business credit cards, Established business credit cards, Travel rewards cards, Mass payments, A/P automation, and Recession-proof businesses.
This advanced system analyzes the data to detect patterns and trends that can be used to inform strategic decision-making in the financial services industry. The goal is to provide a more effective way of targeting SMBs that require financial services, thereby maximizing the chances of meeting their needs and improving customer satisfaction.
Financial service providers need to understand the unique needs of SMBs to provide effective and relevant solutions. From business lines of credit to travel rewards cards and mass payments, SMBs require a range of financial services to grow and succeed. By tailoring their offerings to the specific needs of SMBs, financial service providers can build long-term relationships with SMBs and contribute to their success.
