iknowa’s banking solution for construction and UK SMEs gets backing from Google

FCA Approved Organisation, iknowa has been busy bringing onboard a stellar team to improve business and banking services for SMEs within the UK. In the recent months iknowa has established partnerships with leading, regulation technology organisations in order to build a hyperledger protecting UK SMEs to safeguard payments and business activities.

Within the UK, SMEs have voiced a misalignment against expectations from a lack of novel or truly unique business tools available, facilitating growth against their business services provided. Over 91% of business owners are not happy with their current business banking services, which do not cover essential needs. A further 69% of SMEs opting to switch their bank, if a challenger offered one or more currently missed service. Following a recently conducted survey by iknowa, over 98%* of more than 2,000 respondents were looking for greater digital solutions from their current business bank.

Known as the least digitised industry and currently left behind the adoption curve has been the building & construction. Acknowledging SMEs (especially within building and construction, with over 86% of all organisations being SMEs) are presently experiencing; cash flow issues, poor levels of realised payments and outdated systems/methods, to which banks fail to address the modern solutions businesses require, through their own outdated legacy infrastructure.

Recognising its initial solution for assisting building & construction SMEs through a new, digital business and banking infrastructure, iknowa has accepted support from Google to extend its capability to support all SMEs within the UK.

Using Machine Learning and Natural Language Understanding to counteract financial crime to ensure SMEs can better manage risk obligations. Recent news regarding bringing onboard assistance from Google has come in two-fold, first through investment and secondly via technical, design and marketing support. 

Following updates to its governing committee, iknowa has made public commitments with its partners to deliver greater tools for SMEs across; configurable procurement paths, true multi-account management, integrated business insurance and business current accounts, to help new and existing businesses increase operational efficiency across the whole SME market. 

New products and services to be established by iknowa, centres to provide business banking solutions primarily to foster growth for all UK SMEs to better conduct their business and banking activities, in one place.

The next wave of products and services to be established by iknowa following recent Google backing, is set to go-live before the end of Q4 2021, with a sequence of AI banking products to be released throughout the year of 2022, creating ‘a next generation financial infrastructure’ to provide business and banking solutions facilitating the growth for any UK SME ensuring they can better conduct business and banking activities, in one place.

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