‘The confirmation of the transaction is just as important as the underlying transaction’: Truist’s Chris Ward on how to simplify global transactions for SMBs
- Switching providers for SMBs was once about pricing, but now it's equally driven by the need for better digital solutions.
- Chris Ward, Head of Enterprise Payments at Truist Financial Corporation, addresses this shift at Tearsheet's The Big Bank Theory Conference, recently held in New York.
The days when small businesses (SMBs) were tethered to their home markets are long behind us. Today, SMBs are eagerly embracing global opportunities, expanding into new regions, and viewing cross-border sales as a key growth driver. Yet, with this expansion comes a major challenge: navigating the complexities of international payments.
49% of SMBs cite the ease of managing cross-border payments as a top concern. Many have faced friction with traditional banks, which has created a fertile ground for non-bank alternatives to step in. This shift is reflected in the growing trend of SMBs switching providers. While pricing and fees were once the main reasons for switching, today, the search for “better and more convenient” digital solutions is becoming a powerful motivator alongside these operational needs.
So, how can FIs respond to this shift?
Chris Ward, Head of Enterprise Payments at Truist Financial Corporation, addresses this question and its potential solutions at Tearsheet’s The Big Bank Theory Conference, recently held in New York.
Listen to the full Session
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