kompasbank navigator helps SMEs with digitalization

The country's many small and medium-sized companies are typically busy developing products and selling services daily, so there are only sometimes resources or time to be updated with the latest digital solutions. But this is unfortunate because there can be much to gain in fundamental areas such as bookkeeping and accounting – just as benefits can be gained by investing in intelligent solutions, such as law and HR. At least that is the attitude of Denmark's new commercial bank, kompasbank, which has now for six months now also helped Danish SMEs get an easier and more efficient everyday life. The solution is an online marketplace, kompasbank navigator, where SMEs can quickly identify their needs and then get in direct contact with the providers of the services. For SMEs, the advantages are partly that you can get a better overview of the options and partially that the digital tools are often offered at a discount.

New bank with a new focus

It might sound strange that it is a bank that provides this service, but kompasbank is also a new type of bank, explains Espen Molin, Head of Marketplace at kompasbank:

"As a bank, we focus on the business community and especially SMEs, which are often overlooked in Denmark. We want to help them reach their full potential, and we do this not only through lending but also by facilitating this network of digital tools that can help streamline their operations so that they can focus on their core areas and thereby create more growth.”

Espen Molin is responsible for kompasbank navigator, and he finds that customers have welcomed the service. This makes good sense because several studies conducted by the Confederation of Danish Industry, among others, show that SMEs generally need to catch up to large companies regarding investments in digital solutions. There is not much to say about that, Espen Molin believes:

"In an SME, you typically focus on the core product, and the individual employees often have many different roles - and then it can be difficult to get an overview of finding the right digital tools."

However, kompasbank navigator can be of great help here:

"It's about taking our customers by the hand in the digital jungle. Although most people know the basics, they typically need to figure out how to automate, for example, expense management – or to get help with automated legal documents. It can also be something like improving your digital presence with a website or a webshop."

kompasbank navigator helps you on your way

Specifically, kompasbank navigator functions as an online B2B marketplace with a wide range of digital solutions that are divided into 9 main categories: administration, bookkeeping, sustainability, HR, law, risk management, finance, sales, and marketing. The easiest way to utilize navigator is to start with the function 'Find your match', which, based on a few inputs, finds 5-6 relevant solutions based on your company's needs.

"We select our partners ourselves and ensure a broad value proposition across the different categories so that you, regardless of size and industry, can cover your needs and lift your business further. We really want to push the digitalization of Danish business life, which is why we have chosen that it is free for SMEs to use the platform," explains Espen Molin.

So far, there are more than 50 partners, but more are being added continuously as companies are interested in becoming part of navigator. If you still need help finding that the digital jungle seems unmanageable, you can find inspiration in some cases, which is also available on navigator.

kompasbanks's 3 tips for SMEs

1. First, get a handle on the essential things in the company's administration (e.g., bookkeeping, payroll, and accounting). The right digital tools streamline processes and free up time for your core business. Find relevant solutions within bookkeeping and accounting here.

2. Build a digital presence via, e.g., a website and webshop. It is becoming more and more important to be able to meet your customers digitally. See which partners can help you with marketing or sales and webshops.

3. Use a digital solution for recruitment and HR – you can find, retain, and develop your employees with the right digital tools. Find inspiration and relevant partners for HR and employees here.