This article originally appeared on The Business Times.

It’s not easy for small companies to grind through the basic operations of running a business. Owners and employees spend a lot of time navigating separate platforms for banking, enterprise resource planning, human resources and payments.

Banks can help contain the sprawl by devising a simple, easy-to-use package that would integrate these functions. Such packages could hold great appeal for small and medium-size enterprises (SMEs), allowing banks to strengthen and expand their role with these companies. Small firms also look for advice and support at transitional moments such as making acquisitions or starting to export. By offering services that address SMEs' broader needs, banks can position themselves at the center of a valuable ecosystem.

Some banks have made a promising start. For example, ANZ in New Zealand targets start-ups, using monthly subscription fees for its revenue model. It partners with Honcho for setting up businesses, and with other companies such as Xero for accounting. DBS is working with Singtel, the largest telecommunications provider in Singapore, to help SMEs go cashless and build e-commerce businesses. JPMorgan Chase recently acquired payment company WePay, in part, to build a wider suite of business services that already integrate with WePay so that business customers can link their banking accounts to these services and use them more efficiently.

Read the full article at The Business Times.

Martin Tornes and Seow-Chien Chew are partners with Bain & Company's Financial Services practice. They are based, respectively, in Copenhagen and Singapore.