What you need to know: SAP GROW

There is currently a lot of talk around SAP GROW, which was launched in March 2023. The solution has been designed specifically to help smaller to midsize enterprises, including Financial Institutions, by delivering both agility and scalability. For anyone who is new to the solution, we have created this summary article.

What is SAP GROW for Financial Institutions?

SAP GROW is a cloud-based ERP (Enterprise Resource Planning) solution tailored for small to midsize enterprises (SMEs). It enables organisations to scale rapidly, standardise business processes and embrace continuous innovation. The solution is particularly suited for smaller financial institutions, including mid-size retail banks, fintechs, payment providers and asset managers, who benefit from its simplicity and cost predictability.

SAP GROW is typically deployed as a greenfield solution (as a new implementation from scratch), ideal for first-time adopters of SAP ERP or for institutions aiming to simplify and modernise their existing SAP ERP landscape. Its flexibility and tailored features make it a powerful tool for driving digital transformation in the financial services industry.

What are the business-wide benefits of SAP GROW?

• Scalability and efficiency: Designed for SMEs, it allows these Financial Institutions to adapt quickly to growth with minimal complexity, offering pre-configured processes for finance, sales, supply chain and more business operations.
• Cost-effectiveness: Operates on a public cloud model, eliminating the need for significant upfront investments and ensuring predictable operating costs.
• Continuous innovation: Provides regular updates, ensuring institutions always have access to the latest features and industry best practices.
• Built-in security: Incorporates compliance and security updates as part of its service, relieving additional IT burdens.

What are the solution’s key features for Financial SMEs?

Here are the 7 main features tailored towards Financial Institutions, enhancing day-to-day operations and supporting business processes and objectives:

• Risk Management and Compliance Automation
  • Automates critical processes like KYC, anti-money laundering and fraud detection.
  • Simplifies regulatory compliance with real-time monitoring and reporting.

   

• Real-Time Data Insights and Reporting
  • Enables actionable insights and real-time financial reporting.
  • Enhances decision-making and transparency.

   

• Cloud-Native ERP Capabilities
  • Built on SAP S/4HANA Cloud Public Edition for scalability and operational efficiency.
  • Provides a robust platform to support growth and transformation.

   

• Process Automation
  • Streamlines banking operations such as compliance, audits, and financial processes.
  • Reduces complexity and enhances efficiency.

   

• Global Best Practices for Banking
  • Includes pre-configured, industry-specific processes for standardisation.
  • Supports market expansion and sustainable scaling.

   

• Advanced Financial Forecasting and Modelling
  • Leverages AI-driven analytics and predictive tools for financial forecasting and risk assessments.
  • Helps banks proactively manage change and uncertainty.

   

• Integration with Banking Technologies
  • Supports seamless integration with emerging banking models and technologies.
  • Enables innovative services to stay competitive.

What are the key use cases for Financial SMEs with SAP GROW?

Here is how SAP GROW helps financial SMEs address key challenges and drive efficiencies across various business functions:

1. Omnichannel Banking

GROW with SAP enables financial SMEs to deliver consistent and proactive digital customer engagement by optimising the management of operations, finance, risk, and spend. This includes a comprehensive set of self-service banking features on a single, open platform. These features are accessible across all channels, improving the customer experience. Additionally, it supports enhanced personalisation throughout the customer journey and offers an omnichannel commerce platform to help banking businesses succeed.

2. Operations Optimisation

By running core banking software capabilities in the cloud, GROW with SAP allows financial SMEs to optimise operational costs while increasing agility. This includes streamlined retail and flexible commercial lending operations, real-time management of cash and liquidity, and centralised, real-time payment processing on a single platform.

3. Total Spend Management

GROW with SAP provides analytics that enable proactive monitoring of managed spend, increased integration, and significant savings across various spend categories. This leads to cost and risk reduction through increased savings opportunities, sourcing efficiency, and contract and supplier compliance. It also improves operational efficiency in source determination for indirect materials and offers integrated management for invoice processing and accounts payable.

4. Banking Compliance

Financial SMEs can enhance finance insight and control with GROW with SAP, achieving a faster and more compliant financial close. The solution facilitates high-quality, efficient journals with automated import options and generates financial reports in real time, providing comprehensive views of income statements and balance sheets. It also enriches financial operations management by improving insights into accounts payable and streamlines consolidation and closing processes from a single centralised system, supporting reliable decision-making.

Why choose SAP GROW?

SAP GROW connects small Financial Institutions to sophisticated enterprise tools, providing a cost-effective and scalable way to adopt digital transformation. It empowers SMEs to compete effectively by leveraging SAP’s powerful tools, ensuring they can handle the challenges of growth and industry complexity with ease.

How can bancon help?

As Gold SAP partners, bancon’s team of experts can support you with implementing SAP GROW. We work with Financial Institutions globally, understand the unique challenges faced by SMEs and can help from initial discussions through to delivery, implementation and support.

Get in touch with our team to discuss further.