Barclays offers SMBs new insights tool, first of its kind

Small and medium-sized businesses will be offered a new data insights tool next month, allowing them to compare with competition for a ‘low monthly cost’.

The new tool, apparently the first of its kind, is called SmartBusiness and comes from Barclays.

It will be available in May this year to more than 500,000 business customers, through Barclays online banking, the company said in an announcement. Businesses will have insights into key business trends and how money is paid in from cash, debit cards and cheques.

An average spend by customer feature will also be available, as well as customer behaviour, audiences and spending patterns.

“For small and medium sized business owners, running a business is a full time job and it can be difficult to find the time to take stock and plan for the future,” said Ian Rand, CEO of Barclays Business.

SMBs will be able to compare themselves to the competition, through anonymised data.

“SmartBusiness will help SMEs and aspiring entrepreneurs to both run their business by understanding their cash flow better; and to grow their business by understanding more about their customers. We want to give small businesses access to affordable market insights that traditionally would be the preserve of larger companies. We are equipping the nations businesses with access to their own data in a form that’s much easier to use, and supporting the government’s plans to promote digital business solutions around data.”

All interested businesses will have to cash out £4.95 per month plus VAT.

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