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80% SME Seek Alternatives for Payments

A Report by CYS Global Remit FinTech Development Team




In a recent survey conducted by Airwallex and consultancy Edgar, Dunn & Company, published on October 25, 2023, Fintech News Singapore unveiled a remarkable surge in the demand for cloud-based financial services among small and medium-sized enterprises (SMEs). Surprisingly, over 80% of these enterprises are considering a shift away from traditional banks for their payment needs.


The survey's insights reveal a sense of dissatisfaction among SMEs with the conventional banking experience. A significant 82% of respondents felt neglected by traditional banks and expressed their willingness to switch to a different banking provider if offered a like-for-like alternative through a software platform or marketplace.


Among the primary pain points for SMEs, cross-border payments loom large. An astounding 45% of SMEs worldwide grapple with prolonged processing and settlement times. Additionally, 41% face issues related to forced currency conversion, leading to hefty transaction fees.


The survey also points to a shifting preference among SMEs, who are increasingly turning to software platforms and marketplaces to fulfil their financial service needs. Impressively, 77% of global SMEs are either contemplating or undecided about transitioning to new payment solution providers. Furthermore, 64% believe that software platforms or marketplaces offering integrated financial services can cater to their requirements more effectively.


This survey underscores the fact that SMEs are actively seeking streamlined solutions tailored to the unique demands of their respective industries. A significant 76% of SMEs are willing to invest more in working with comprehensive one-stop-shop providers capable of supporting their financial and other growth-related needs on an international scale.


These findings clearly indicate an opportunity for software platforms and marketplaces to better serve SME clients and unlock new revenue streams by offering integrated financial services, particularly concerning global money transfers and payments.


At CYS Global Remit, we are committed to developing streamlined solutions to address the payment requirements of our valued customers. One such solution is our very own CYSOnline. This platform empowers businesses to efficiently make payments to their overseas suppliers. We are continually enhancing CYSOnline by introducing new features to better serve your needs. Stay tuned for more exciting updates!


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