The small business segment is both large and lucrative for retail banks. However, it is also becoming increasingly competitive as a range of challengers, fintechs, and non-bank players have entered the market with feature-rich digital services for business owners. Open banking has accelerated this trend, by enabling these providers to position themselves a value-adding layer on top of the banking relationship. Millennium bcp saw an opportunity to use open banking to its advantage with the launch of iziBizi, a business management suite that combines an ERP platform with banking data and services.

The Celent Model Bank Award for Small Business Customer Innovation recognises best practice in delivering products or services that directly support this customer segment. Millennium bcp has demonstrated its commitment to serving small business with the launch of iziBizi, a business management suite that combines an ERP platform with banking data and services to provide a single portal through which an entrepreneur can manage their company. As a result, Banco Comercial Português is a worthy winner of the 2024 Model Bank Award for Small Business Customer Innovation.