At this year’s Innovation summit we had the pleasure of having Michael Hurup Andersen, the Founder & CEO of Kompasbank, the newest fully EU licensed SME banking platform based in Denmark focused on lending and other financial products, come and present.
He presented what trends they see driving business forward, what challenges do SME’s face today, how Kompasbank define finance and how has Kompasbank managed to build their very own infrastructure that allows them to be independent, faster and more cost effective.
“Every company will be a fintech company! And this is the great news!”– Michael Hurup Andersen
He emphasizes the need for transformation as reaching your full SME potential with traditional banking is (almost) impossible.
The challenges and opportunities lies in the following factors:
- The need for speed – giving back time to SME’s
- Rebuilding of tech infrastructure to improve business models
- Redefining the banking services – to improve product deliveries
- Go vertical and share control to enhance scalability.
Listen to the full presentation to gain insight into the future of business banking.