Banco BPI and Personetics have unveiled Pulsoo , an application designed to help SMB owners manage their enterprises. Pulsoo is the result of a strategic collaboration with NOS, a Portugal-based telecom, aimed at supporting the country's SME sector.

Pulsoo offers an optimised interface, delivering real-time updates, hyper-personalised insights, and actionable recommendations, all accessible in a single platform. Leveraging Open Banking capabilities and the AI-driven engagement platform developed by Personetics, Pulsoo provides a 360⁰ business insights ecosystem, covering aspects such as current accounts, loans, taxation, fiscal planning, and employee management. Central to the development of Pulsoo is Personetics' expertise in financial data-driven personalisation.

By enriching businesses' financial data and leveraging AI and machine learning algorithms, Personetics enables Pulsoo to deliver tailored insights and recommendations, helping SMBs to make informed decisions. This initiative reflects Banco BPI's dedication to redefining the role of banks in addressing the evolving financial challenges of their customers. Portugal’s SMB landscape In Portugal, SMBs constitute a cornerstone of the economy, playing a significant role in driving growth, fostering innovation, and generating employment opportunities.

According to statistics, SMBs account for approximately 99% of all businesses in the country. These enterprises span a diverse range of sectors, including manufacturing, services, tourism, and technology, contributing to Portugal's GDP. Notably, SMBs are estimated to generate over two-thirds of total employment in Portugal, underscoring their role in sustaining the country's labour market and fostering socio-economic development.

Despite their contribution to the economy, SMBs in Portugal face many challenges that impede their growth and competitiveness. One significant hurdle is access to financing, with many small businesses encountering difficulties in securing adequate funding to expand operations or invest in innovation. Additionally, bureaucratic red tape and regulatory burdens often pose obstacles to SMBs, hindering their ability to navigate complex administrative procedures.

Moreover, the digital divide remains a pressing issue for many SMBs, particularly smaller enterprises, as they struggle to adopt digital technologies and capitalise on opportunities presented by the digital economy. However, in recent years, several trends have emerged that are reshaping the landscape for SMBs in Portugal. The rise of ecommerce and digital platforms has transformed the way businesses operate and interact with customers, presenting both opportunities and challenges.

Amidst these changes, efforts to foster entrepreneurship and innovation, such as through government incentives and support programs, are crucial in empowering SMBs to overcome obstacles and thrive in an increasingly competitive global market landscape. Regulatory developments shaping Portugal's financial landscape In recent years, Portugal has witnessed significant regulatory developments aimed at fostering innovation and competition in the financial services industry, particularly concerning Open Banking and data-driven technologies. One notable initiative is the implementation of the European Union's Revised PSD2, which came into effect in Portugal in 2019.

This regulatory framework has paved the way for the emergence of Open Banking ecosystems, encouraging collaboration between traditional financial institutions and fintech startups to deliver better services to consumers. Moreover, Portugal has demonstrated a commitment to supporting entrepreneurship and digital transformation through various legislative measures and policy initiatives. Government-sponsored programs, such as Portugal 2020 and StartUP Portugal, aim to stimulate innovation and entrepreneurship by providing funding, resources, and incentives to startups and small businesses.

Additionally, regulatory sandbox initiatives have been launched to facilitate experimentation and collaboration between financial institutions and fintech firms, allowing solutions like Pulsoo to be tested in a controlled environment while ensuring regulatory compliance. These regulatory developments underscore Portugal's efforts to embrace technological advancements and create a vibrant ecosystem conducive to innovation and competition in the financial services industry. .