Simon Cureton

Job Title:
Chief Executive Officer
Company:
Funding Options
Meet Simon Cureton

Simon Cureton is Chief Executive Officer at Funding Options where he’s leading the company’s transformation into a wider business services marketplace to ensure Funding Options is best positioned to leverage the growth opportunities of Open Banking and international expansion. Simon has extensive experience in the alternative finance sector, having been one of the founding members at Esme Loans and having worked for RBS International as part of its transformation programme, and his global experience spans other world-leading financial companies including Morgan Stanley, Barclays Capital, Commonwealth Bank of Australia and Deutsche Bank.

 

Buy your tickets to the International SME Business Banking-Fintech Forum 2019 here

We ask Simon Cureton the following questions

Why should banks focus on SME Banking?

SMEs are the backbone of the economy — with SMEs representing 90% of the global business population, SME banking offers a huge opportunity for major banks but also for alternative providers. Focusing on SME banking will help banks expand on their product offering, improve customer satisfaction and acquisition, and drive innovation to help businesses across the globe.

Should banks reconcile themselves to being players in the new ecosystem rather than drivers of SME lending?

Banks are players as well as drivers in the new ecosystem since banks benefit from the agility of Fintechs, who often have faster decision-making processes in place, while Fintechs benefit from the banks’ expertise and brand awareness. Big banks and Fintechs have a shared road map and shared goals, all for the benefit of the customer, so banks are moving toward a platform model, but they don’t necessarily have the resources or desire to develop those tools in-house. They are very open to learning from Fintechs and with the banks new providers can enter the market more easily — it’s a win-win situation.

What potential do you see for Open Banking and PSD2 (and its equivalents in other regions) to drive new possibilities for SME banking?

Open Banking offers a huge potential for SMEs banking as it makes processes, like applying for funding online and eligibility assessments, a lot faster and simpler, leading to improved customer satisfaction and helping Fintechs create more innovative tech that can make the lives of business owners a lot easier at any stage of their business’s journey.