CommBank commits to Australian SMEs

Following the publication of a study revealing the economic difficulties faced by Australian SMEs, CommBank announced the launch of a free training programme to help managers improve their knowledge of cash management. This online course, developed in collaboration with an Australian university, aims to strengthen the financial resilience of the country's 2.5 million small and medium-sized enterprises.

FACTS

• CommBank announced the launch of a free training programme to improve cash management for Australian small and medium-sized enterprises.

• In fact, a poll conducted for CommBank highlighted the particularly critical situation of SMEs in Australia: 80% of SMEs experienced cash flow difficulties in the past year.

• The reasons for these difficulties include:

  • The decline in revenues, experienced by 35% of surveyed companies;

  • Low financial reserves (30 per cent);

  • Seasonal fluctuations (27%).

• The bank therefore used the Australian Graduate School Management in Sydney to build a tailor-made course for small business leaders.

• The course is free, available online and aims to better understand and optimize cash management. It is aimed at the 2.5 million Australian SMEs, whether or not they are customers of CommBank.

• The Bank's initiative could be a success since, according to the study, 53% of managers expressed a desire to take training to improve their management.

ISSUES

• Addressing a macro-economic issue: As in many countries, SMEs are an important part of the Australian economic ecosystem. Supporting leaders is therefore a way to strengthen the financial resilience of SMEs and contribute to the consolidation of the local economy.

• A win-win initiative: From the bank's point of view, the operation is also interesting. In addition to concretely working towards the financial health of Australia's economic fabric, Australia is strengthening its position with SMEs. The bank demonstrates its ability to move beyond its lending role to become an active support for SME managers. The financial education offered by CommBank could eventually become a lever of loyalty and even a source of new clients.

PERSPECTIVE

• SMEs are an important target for banks. They therefore act in a way that differentiates themselves from each other by offering innovative services that could convince SME managers to turn to a particular bank. In December, for example, Santander announced the creation of a partnership with CloudPay to offer advance on salary to its SME clients.

• Recently, the Australian bank also made her talk by launching CommBank Connect, an entity dedicated to the operation of its advertising sites. This trend is also present in Europe where several neo-banks have already launched their own advertising boards.

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