Startup Weekend Challenge – 1
This post originally appeared on blog.up.co
Danske Bank have one of the challenges for the upcoming Startup Weekend:
Small and medium-sized enterprises (SMEs) are the backbone of Europe's economy, representing 99% of all businesses in the EU, which also holds true for the Nordics. In the past five years, they have created around 85% of new jobs and provided two-thirds of the total private sector employment in the EU (https://ec.europa.eu/growth/smes_en).
As time passes, SMEs are faced with increased globalisation, digitalisation, advances in technologies and so on. These factors, combined with a lack of resources (financial, human, time, etc.) create a challenging environment for such a diverse and heterogeneous segment.
Despite their economic importance, SMEs have been widely underserved by banks for a long time. Things are starting to change now and banks are slowly providing help, focusing primarily on increasing access to capital (micro loans, working capital, etc.). However, SMEs have a great demand for a different array of services and products. They want to spend less time on administrative tasks and focus more on their core business. So, how can we all help?
How can we make it easier for SMEs to run their business, lowering admin work and providing additional insights into their business through value added tools and services that utilize multiple data points (transactions, accounting, salaries, sales, etc.)?
Summary & additional points:
- SMEs are the backbone of our economy and they are facing many challenges
- SMEs have been underserved and need more tools to run efficiently
- Danske Bank has the dedicated goal to support this segment in their growth journey
- Danske Bank’s new Developer Portal will make it easier for Third Party Providers (TPPs) to create new solutions for SMEs using our APIs and multiple data points.
Get Your Ticket here.