The transformative power of AI is reshaping industries around the world, and small and medium-sized businesses (SMBs) are at the forefront of this revolutionary shift.。As the backbone of the world economy, SMEs are expected to increase efficiency and productivity through artificial intelligence。As a banking leader dealing with SMEs, it is imperative to understand the nuances of AI applications。

Financial institutions should narrow the gap in public understanding of artificial intelligence

Despite the growing awareness of AI among small and medium-sized business owners, there is still a gap in the understanding of its practical applications。According to a recent Visa survey, 84% of SME leaders believe in the benefits of AI, but only 26% have actively used AI tools.。

Financial institutions and payment providers play a key role in bridging this gap by advocating for how SMEs can effectively use AI.。In this propaganda process, initiatives aimed at demystifying AI and providing usable tools are crucial。

Positive Sentiment and Expectations of SME Leaders

SME leaders are overwhelmingly positive about AI, with 85% expecting AI to have a significant impact on their industry in the next three to five years.。This optimism extends to AI as a tool to enhance human capabilities, not as a substitute for humans。

As banking professionals serving SMEs, recognizing and capitalizing on this optimism is a strategic approach to driving AI adoption。

Financial institutions should narrow the gap in the application of artificial intelligence

While SMEs are optimistic and convinced about the potential of AI, there is a clear gap in the adoption of AI。Only 26% of businesses are actively using AI tools, which offers financial institutions the opportunity to step in。

Providing education and tools to bridge this gap becomes an important responsibility of financial institutions。Empowering SMEs with AI-driven innovation, such as ChatGPT for personal and business purposes, opens the door to greater efficiency and growth。

Opportunities for SMEs applying artificial intelligence

The future of artificial intelligence in small and medium-sized enterprises is expected to enable virtual assistance, natural language interaction and super-curated recommendations.。These forecasts are consistent with the areas where SME leaders are expected to have the greatest impact: customer support, operations, marketing, accounting, financial management, sales, human resources and recruitment。

Banking professionals must keep abreast of these changing trends and provide tailor-made solutions to adapt to the expected wave of AI change in the SME sector.。

5 actionable insights from SME banking professionals:

1. Tailored artificial intelligence toolkits: Develop and deliver artificial intelligence toolkits tailored for SMEs。These toolkits should be user-friendly, address common business challenges faced by SMEs, and demonstrate the tangible benefits of adopting AI。
2. Strategic cooperation: Promote cooperation with AI service providers to create seamless integration options for SMEs。Promote partnerships to enable SMEs to easily adopt AI tools and apply them to existing business processes。
3. Interactive training courses: interactive training sessions for SME leaders to demonstrate the practical use of AI tools。Show real-world case studies and success stories to inspire confidence in AI adoption。
4. Ongoing support and mentoring: establishing dedicated support channels for SMEs venturing into AI adoption。Provide continuous guidance, troubleshooting, and a responsive framework for small and medium-sized enterprises to help them cope with the complexity of integrating artificial intelligence into business operations。
5. Education and awareness campaigns: Financial institutions must take the lead in educating SMEs about practical applications of AI。Launch an initiative to demystify AI, provide workshops, and provide easy-to-understand resources to bridge the gaps in understanding。