Intelligent SME.tech Issue 25 - Page 32

intelligent

// FEATURE //

MOST SME LEADERS
RECOGNISE
THAT TECHNOLOGY CAN PROVIDE A SOLUTION
TO THE CHALLENGES
POSED BY DOING BUSINESS
ACROSS BORDERS .
Where technology and hiring challenges collide , SMEs have a clear demand for a tech solution that makes it easy and seamless to pay employees around the world in various currencies . Over half of UK SMEs ( 60 %) agree that such a tool would give them the confidence to hire more globally .
Technology coupled with trust
Technology can also play an integral role when it comes to building trust and loyalty with customers . As we saw during the pandemic , consumers had to shift their purchasing habits . Instead of going to a brick-and-mortar store , they were not forced to shop online and use digital services which they might not have previously used . This created a unique opportunity for the more tech-forward retailers as they were no longer siloed to a specific region and could instead become location agnostic .
These retailers were also able to create operational efficiency for their business while ensuring a secure and simple payment experience for their customers . With just a few clicks consumers could safely send money in near real-time , while also having a superior customer experience – this strengthens their trust with a business and ultimately , creates customer loyalty .
How can technology provide global infrastructure ?
What SMEs need when they are trying to grow overseas is the right digital infrastructure to help them hire top talent , manage local suppliers and receive payments . Paying people , buying products and selling services all require the ability to move – and manage – money globally . Most SME leaders recognise that technology can provide a solution to the challenges posed by doing business across borders . However , they should guard against splitting their core activities across multiple systems . What they should be looking for is a financial technology platform that allows them to collect funds from customers , convert them , store it and pay it out , globally .
In today ’ s day and age , businesses need to constantly evolve to the changes in consumer behaviours to gain a competitive edge . This means listening to your customers and finding their key drivers ( i . e ., price , internationalisation , security , etc ) and then finding a solution to ensure they keep coming back . By leveraging technology and using innovative FinTechs to embed the right infrastructure , you can not only enhance a customer ’ s experience with your business but also be viewed as a global frontrunner among your peers and competitors . �
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