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Transforming B2B Customer Experience with Multichannel Banking Solutions

Avalokita Pandey | March 28, 2023 | 478 views | Read Time : 12:00 min

Transforming B2B Customer Experience with Multichannel Banking
Multichannel payment processing is vital for increasing efficiency & profitability. Merchants can accept payments from all channels with single account, eliminating need for multiple merchant IDs.

Contents

1. Introduction
2. Maximizing Revenue: Cross-Selling and Upselling Strategies
3. Optimizing B2B Operations: Multichannel Banking and Cash Management Solutions 4. Leveraging Data Analytics for Multichannel Banking Optimization
5. Striking Balance between Convenience and Security
6. Multichannel Banking Evolution: Trends and Insights
7. Future Scope

 

1. Introduction

Integrating multichannel banking solutions for a seamless customer experience remains a challenge in today’s digital era as financial institutions and banks are expected to provide services through ATMs, online banking, mobile, and in-branch.

To boost efficiency and profitability, adopting multichannel payment processing is crucial. Technology enables merchants to process payments from all channels using a single account, thus, eliminating the need for multiple merchant IDs. Consolidating online sales into one location streamlines business processes, reduces card network fees, and leads to significant cost savings.

2. Maximizing Revenue: Cross-selling and Upselling Strategies

Banks and financial institutions can effectively promote their multiple products and services to customers based on their needs, behavior, or demographics. Cross-selling and upselling techniques can encourage customers to hold multiple products, which can lead to business growth, new client acquisition, and increased customer lifetime value. Cross-selling involves offering related products or services to existing customers, such as promoting credit cards and internet banking to savings or current account holders. On the other hand, upselling involves increasing the amount invested in an existing or additional product. Both techniques can significantly boost sales, and revenue, and help achieve business objectives.

3. Optimizing B2B Operations: Multichannel Banking and Cash Management Solutions

The evolving demands of corporate clients, rising competition from fintech companies, and the emergence of cutting-edge technologies are providing banks with a distinct prospect to revamp their cash management services and capabilities.

3.1 Digitizing Cash Management in Multichannel Banking: Key Imperatives

  • Unlocking the Benefits of Collaboration
    Fintechs are becoming highly sought-after collaborators due to their product innovation, which enables banks to offer new and compelling services, solutions, and products that aid in attracting and retaining cash management clients.

  • Tech & Alliances for Dynamic Cash Ecosystem
    Using innovative technologies and services, a cash management approach focuses on delivering cash efficiency and effectiveness to clients. New alliances and data-driven insights create a thriving ecosystem.

  • Omnichannel Architecture
    In an omnichannel world, architecture plays a crucial role in delivering a seamless customer experience. While the traditional multichannel approach offers diverse touchpoints, it can also lead to a sub-optimal customer experience.

  • Harnessing Real-time and Predictive Analytics
    In the realm of cash management, banks are increasingly relying on predictive analytics to mitigate risks, underwrite loans, and detect fraud. However, the potential advantages of real-time analytics for both cash management customers and the banks that cater to them are even more extensive.

  • Integrate Cloud Services
    Compared to conventional decentralized cash management systems, cloud-based systems offer a greater degree of process and control uniformity in all scenarios, bolstering their resilience against potential capacity limitations stemming from factors such as remote work setups, cyber threats, and sudden surges in transaction volume.

4. Leveraging Data Analytics for Multichannel Banking Optimization

Data-driven organizations are 23 times more likely to acquire customers, 6 times more likely to retain those customers, and 19 times more likely to be profitable

(Source: McKinsey Global)

Using data analytics, banks can gain insights into customer behavior, preferences, and patterns across channels. This helps identify customer needs, optimize channel usage, and personalize the banking experience.

Predictive analytics can proactively offer relevant solutions to customers through their preferred channels, improving satisfaction. Banks can also optimize channel offerings by identifying the most effective channels for different customer segments, such as mobile banking for younger customers and branches for older customers.

5. Striking Balance between Convenience and Security

Multichannel banking has revolutionized the way customers interact with their banks. With the advent of digital banking, customers can now carry out a wide range of transactions using multiple channels such as mobile apps, online banking, ATMs, and branches. While this has made banking more convenient, it has also created new security challenges for banks.

Here are some key considerations that banks should keep in mind when implementing a multichannel banking strategy:

  • Multi-factor Authentication: Multi-factor authentication is a crucial security measure that can help prevent unauthorized access to customer accounts. Banks can implement multi-factor authentication by requiring customers to provide two or more authentication factors such as a password, fingerprint, or facial recognition.

  • Fraud Detection and Prevention: Banks should have robust fraud detection and prevention systems in place to identify and prevent fraudulent transactions. These systems should be designed to detect suspicious activities such as large withdrawals, multiple failed login attempts, and transactions from unusual locations.

  • Encryption: Encryption is a critical security measure that can protect sensitive data such as customer account information and transaction details. Banks should ensure that all customer data transmitted through their multichannel banking platforms is encrypted to prevent interception by hackers.

  • Training and Education: Banks should provide regular training and education to customers on how to use their multichannel banking platforms securely. This can include educating customers on how to create strong passwords, recognizing and reporting phishing scams, and using public Wi-Fi safely.

  • Customer Support: Banks should have robust customer support systems in place to help customers with any issues related to their multichannel banking platforms. This can include providing support through multiple channels such as phone, email, and live chat.

6. Multichannel Banking Evolution: Trends and Insights

As financial institutions continue to adjust to the ever-changing needs and preferences of their customers, it is imperative to remain informed about the latest trends and insights in multichannel banking.

These critical trends and insights have played a pivotal role in shaping its evolution:

  • Rise of Mobile Banking: The use of mobile banking apps has surged in recent years, with many customers preferring to use their smartphones for banking transactions. As a result, banks are investing in the development of robust mobile banking apps to cater to this demand.

  • Integration of AI and Automation: Banks are increasingly using artificial intelligence (AI) and automation to streamline their operations and improve the customer experience. Chatbots and virtual assistants, for example, can provide customers with quick and personalized responses to their queries.

  • Greater Emphasis on Data Analytics: Banks are using data analytics to gain insights into customer behavior and preferences. By analyzing customer data, banks can develop targeted marketing campaigns and offer personalized recommendations to customers.

  • Expansion of Digital Payment Options: The growth of digital payment options such as mobile wallets and peer-to-peer (P2P) payment apps is driving the evolution of multichannel banking. Banks are partnering with fintech companies to offer these services and stay competitive in the market.

  • Adoption of Blockchain Technology: Banks are exploring the use of blockchain technology to improve security, transparency, and efficiency in their operations. For example, blockchain can be used to facilitate cross-border payments and reduce the need for intermediaries.

7. Future Scope

With advancements in technology, financial institutions can continue to offer new and innovative channels to improve the customer experience. The use of artificial intelligence and chatbots is expected to increase, allowing customers to interact with their bank through voice and text commands.

The integration of internet of things (IoT) devices with banking channels is another area of potential growth. For instance, customers could use their smartwatches to make payments or check account balances. Additionally, blockchain technology has the potential to revolutionize the way banks handle transactions, reducing the risk of fraud and improving the speed and efficiency of transactions.

As financial institutions continue to adapt to the changing needs and preferences of their customers, multichannel banking will play a crucial role in delivering a seamless and personalized customer experience.

Spotlight

Fundtech

Fundtech is a leading provider of financial technology to banks and corporations of all sizes in the Americas, EMEA, and Asia-Pacific. Founded in 1993, the company develops transaction banking solutions that it offers as either a software license or Software as a Service (SaaS). Major product lines are: payments and liquidity management; cash management, financial messaging through the world’s largest SWIFT service bureau...

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Streamlining Financial Management: The Power of Digital Bank Accounts

Article | June 22, 2022

Digital bank accounts, offered by online-savvy institutions, provide security and scalability in transactions. These seamlessly integrate with tools such as accounting software and payment gateways. Contents 1. Introduction 2. Positive Aspects of Digital Bank Accounts 3. Streamlining Financial Management with Digital Bank Accounts 4. Implementing Digital Bank Accounts in a Financial Management System 5. Best Practices in Using Digital Bank Accounts 6. Final Thoughts 1. Introduction Digital bank accounts are primarily designed for businesses and are offered by financial institutions with a strong focus on online and digital banking services. These accounts provide improved security features, flexible transaction volumes, as well as low costs, and can be easily integrated with other business tools, such as accounting software and payment gateways. “By partnering with fintech startups, banks will give their account holders the right measure of security and speed. Account holders can know that their money is safe, and they can enjoy the latest financial technology. This is the way to become a digital bank.” (Source: Chris Skinner) 2. Positive Aspects of Digital Bank Accounts Digital business bank accounts provide a range of benefits for businesses, including improvements in financial management processes, time and cost savings, and increased security. Key advantages of these accounts include: Accessibility: Businesses can access and manage their digital business bank accounts from any location and at any time without physically visiting a bank branch, enabling them to carry out transactions with greater flexibility and efficiency. Streamlined Financial Management: These allow businesses to manage their finances more efficiently by providing access to the best online banking accounts such as real-time transaction monitoring and account reconciliation. Cost-effective: Some digital savings accounts offer low transaction fees or even fee-free transactions, making them an attractive option for businesses looking to save on costs. It's mostly beneficial for businesses with high transaction volumes, as they can significantly reduce their expenses. Enhanced Security: Digital bank accounts come with advanced security features such as two-factor authentication and real-time monitoring of transactions, providing businesses with increased protection against fraud and cyber threats. This feature can help companies to avoid financial losses due to fraudulent activities. Integration with Other Business Tools: Digital bank accounts can be easily integrated with other business tools, such as accounting software and payment gateways. This feature allows for seamless financial management and automation, improving the efficiency and accuracy of financial operations. 3. Streamlining Financial Management with Digital Bank Accounts With digital bank accounts, businesses can easily integrate their banking activities with their accounting software, making it easier to manage financial data, reduce errors, and make informed financial decisions. Faster payment processing and real-time financial data also enable businesses to improve their cash flow management. Digital Accounting Systems: Businesses can easily integrate their bank account transactions with their accounting software, automatically recording financial data, saving time, and reducing errors. Expedited Payments: Digital bank accounts can facilitate faster payments through features such as real-time transfers, which can be particularly beneficial for businesses that need to pay suppliers or receive payments from customers quickly. Automated Invoicing and Collections: Many digital bank accounts offer online invoicing and payment processing, allowing businesses to create and send invoices to customers electronically and receive payments directly into their bank accounts. Financial Visibility: Digital bank accounts often give businesses real-time access to their financial data, including account balances, transaction histories, and spending trends. It can help companies make more informed financial decisions. Cost-cutting: Digital bank accounts are often less expensive than traditional ones, with lower fees and fewer account requirements. This can be helpful for small and medium-sized businesses that have a limited amount of money to spend on banking services. 4. Implementing Digital Bank Accounts in a Financial Management System Digital bank accounts facilitate easy transfer of funds between accounts and enable payments to suppliers and vendors, resulting in streamlined cash flow management. They also minimize the risk of fraud and errors since transactions are automatically recorded and monitored by the bank and accounting software, reducing the need for manual data entry and decreasing the chance of errors. These help manage cash flow by providing real-time information about incoming and outgoing funds, enabling businesses to make informed decisions about payments and investments. These also allow the transfer of funds between accounts, useful during times of low cash reserves or unexpected expenses. Digital bank accounts enable the establishment of automatic payment schedules to ensure timely bill payments, avoid late fees, and maintain a positive cash flow while avoiding business disruptions. Companies can implement digital bank accounts by choosing a reputable digital bank, integrating it with their accounting software or enterprise resource planning (ERP) system, and establishing internal controls and security measures to protect financial data. Proper implementation and management of digital bank accounts can give businesses a competitive advantage in today's fast-paced and digital business environment. 5. Best Practices in Using Digital Bank Accounts When it comes to using digital bank accounts for B2B transactions, there are a few additional best practices to consider in order to run businesses more efficiently: Use a Dedicated Account: While using digital bank accounts for B2B transactions, it's a good idea to use a dedicated digital savings account separate from other business accounts. This can help keep track of transactions and simplify accounting and tax reporting. Automate Payments: Many digital banks offer automation tools that can help schedule recurring payments and streamline payment processes. It can help reduce errors and save time. Set Transaction Limits: To reduce the risk of fraud or unauthorized transactions, set transaction limits on the digital bank account, thereby limiting the amount of money that can be transferred without authorization. Use Invoicing Tools: Some digital banks offer invoicing tools to help create and send invoices to clients or vendors. This can help in managing accounts payable and accounts receivable more efficiently. Monitor Cash Flow: Regularly monitoring cash flow can identify potential cash flow issues before they become a problem. Many digital banks offer cash flow management tools to help monitor cash flow in real time. Use Multiple Accounts: Depending on the size of the business and the volume of transactions, using various digital bank accounts can be considered to manage different aspects of the business, thus, segregating funds and simplifying accounting and reporting. 6. Final Thoughts Digital bank accounts have emerged as a powerful tool for businesses seeking to streamline financial management. Looking ahead, the future of digital bank accounts is bright. As technology advances and the adoption of digital banking services increases, digital bank accounts will become even more efficient and user-friendly. Furthermore, integrating other financial tools and services into digital banking platforms will offer more streamlined financial management solutions. By selecting a reliable digital bank, ensuring account security, keeping track of transactions, utilizing budgeting resources, and comprehending applicable fees and charges, businesses can reap the advantages of the best online banking for small businesses. The best digital business bank accounts are poised to become even more essential tools for businesses looking to optimize their financial management and achieve greater success.

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Future of Banking: Examining Components of Digital Banking

Article | July 20, 2022

Digital banking altered the way businesses manage their finances, rendering the once cumbersome processes of physical branch visits and lengthy lines for account opening and money transfers obsolete. Contents 1. Evolution of Banking: From Brick-and-mortar to Digital 2. Multichannel Banking and Self-service Solutions 3. Demystifying Retail, Business and Corporate Banking 4. Mobile Banking: Payment Processing Overhaul 4.1 Overview of Fintech Companies in Banking Industry 5. Technology Trends in Digital Banking 6. Digital Transformation in Banking 6.1 Authentic User Experience 6.2 Blockchain Technology 6.3 Personalized Technology Services 7. Digital Banking Platforms Reaching out to SMBs 8. Future Aspects of Digital Banking Solutions 1. Evolution of Banking: From Brick-and-mortar to Digital Digital banking has transformed the traditional banking landscape and brought about a paradigm shift in the way individuals and businesses manage their finances. The cumbersome and time-consuming nature of financial transactions that involved physical visits to bank branches and long queues for basic tasks like account opening and money transfers is now a thing of the past. Between 2017 and 2021, 9% of all branch locations closed down, a loss of around 7,500 branches, according to the non-profit National Community Reinvestment Coalition (NCRC). (Source: Bankrate) With the digitization of banking, there has been a shift toward a cashless economy, with net and mobile banking gaining popularity over physical cash. With digital banking solutions like UPI, internet banking, and mobile banking, customers can access global transaction banking services directly from their own platforms, enabling seamless transactions anytime, anywhere. 2. Multichannel Banking and Self-Service Solutions The shift from traditional brick-and-mortar banking to digital banking has become ubiquitous, making self-service approaches in digital banking solutions vital for customers. These options allow customers to access banking solutions using software resources without human intervention, enabling them to conduct transactions such as checking account balances, making online transfers and withdrawals, paying bills, loan installments, exchanging currencies, and overall managing wealth with ease. Such solutions can be accessed through FAQs, chatbots, customer support portals, and other similar resources. The scope of self-service technology also encompasses internet banking and online shopping. Although the first and most successful self-service solution introduced by banks worldwide was the automated teller machine (ATM), the concept has now been extended to include a variety of digital banking platforms and applications. 3. Demystifying Retail, Business and Corporate Banking Digital banking services and products consist of three main sub-categories: Retail banking, Business banking, and Corporate banking. Retail banking, also referred to as consumer banking or personal banking, is a form of banking that offers financial services specifically to individual customers instead of businesses. It enables customers to effectively manage their finances, access credit facilities, and securely deposit their funds. Business banking refers to a company's financial transactions with a specialized institution that offers tailored financial services such as business loans, credit, savings accounts, and checking accounts, exclusively designed for corporate entities rather than individuals. This type of banking is conducted by a dedicated business banking division within a bank, which solely caters to the financial needs of commercial organizations. Corporate banking entails the provision of financial services to sizable corporations and multinational enterprises, which includes an array of offerings such as cash management, trade finance, corporate lending, and treasury services. With the advent of digital corporate banking, businesses can now effectively manage their financial transactions, process payments, and gain access to various financial tools and resources via digital platforms, ensuring improved efficiency and convenience. 4.Mobile Banking: Payment Processing Overhaul Mobile banking allows remote access to a wide range of banking services. Mobile app simplifies our lives by letting bank and other financial institution users check account balances, pay bills, transfer money, manage investments, and apply for loans with just a few clicks. Mobile banking alerts promote smart financial management, provide customization options, and enable easy monitoring for suspicious activity. A Chase Bank study revealed that 87% of consumers use their bank's mobile app monthly. Some features of a digital banking platform: Transfer money to friends and family within minutes via the ‘Manage Payee’ option on mobile banking apps. Clear utility bills via banks linked with UPI-enabled apps on your phone instead of standing in long queues outside gas stations with cash. Open Demat accounts online via the KYC process and manage all investments, deposits, and stocks in one place. Open bank accounts by uploading documents online; skip visiting banks and filling out forms. Get online assistance from banks 24/7 through chatbots and support systems. Mobile banking enables smooth functioning and boosts transparency in accessing financial data. Check account balances anytime without the need for passbook slips. Mobile banking apps provide customers with innumerable loan options, with banks deducting loan amounts from accounts on a fixed date via the ‘AutoPay’ option. 4.1 Overview of Fintech Companies in Banking Industry Here are some leading digital banking platforms catering to the needs of financial institutions: Alkami Technology: It is a major developer of cloud-based digital banking solutions for financial institutions in the United States. Its solutions enable users to clients their businesses with confidence, react to changing circumstances swiftly, and build vibrant digital communities. The company provides a range of services, including retail banking and business banking, digital account opening, loan origination, and multi-payment fraud protection solutions to assist clients in their transformation. It is dedicated to empowering its clients and supporting them in achieving their goals. Numerated: It is a fast-growing fintech that streamlines the origination process for business banking products. Over 400,000 businesses and 30,000 financial institution associates have processed $50 billion in lending using Numerated. The platform is used by financial institutions with a combined $1 trillion in assets, including Bremer Bank, Dollar Bank, Eastern Bank, MidFirst Bank, People's United Bank, Seacoast Bank, and others. The company has been recognized for its work as one of 2020's Top 250 FinTechs by CB Insights and 2021's Best Overall Business Lending Company by FinTech Breakthrough. Zoot Enterprises: It is a global leader in providing advanced origination, acquisition, and decision management solutions to financial institutions. Its cloud-based platforms offer flexibility for specific business needs, including loan origination, fraud detection, and data acquisition. Zoot enables clients to access hundreds of cutting-edge data sources in real time, delivering decisions in milliseconds. Its origination solution streamlines loan processing, providing powerful tools and robust integrations that reduce data entry, accelerate loan processing times, and avoid costly errors. Geezeo: The company delivers enriched digital banking experiences, processing, and augmenting transactions for over 500 financial institutions. Its insights enhance the overall customer experience, seamlessly integrating within online and mobile banking environments while allowing financial institutions to maintain ownership of their personal financial management (PFM) brand. It focuses on technology solutions that engage audiences with enriched data and offers expertise in digital banking, marketing, and technology. TurnKey Lender: It is a global leader in Unified Lending Management (ULM). Its intelligent software products automate the entire lending process, including traditional and alternative lending, SME financing, grant management, money lending, leasing, trade finance, in-house financing, and more. With customers in over 50 countries, TurnKey Lender is gaining traction as a pioneer in AI software development for lenders in regions like the United States, APAC, and the EU. The company’s solutions are used by all types of lenders, including large/mid-size banks, digital lenders, multi-finance companies, trade finance operators, traditional and non-traditional lenders, and telecoms. 5. Technology Trends in Digital Banking Banking technology is rapidly evolving. Advanced technologies like AI and ML will enable banks to analyze large data sets in real time and offer personalized solutions to customers. The market size of the global digital banking platform was valued at USD 20.8 billion in 2021 and is expected to expand at a CAGR of 20.5% from 2022 to 2030. (Source: Grand View Research) The increasing digital savviness of the global population is prompting the adoption of technological advancements. However, some individuals are still in an adaptive mode due to a lack of time and knowledge. AI and ML technologies enable banks to analyze large amounts of data, make informed decisions through predictive analysis, and improve lending patterns by analyzing consumer spending patterns. 6.Digital Transformation in Banking Financial institutions must leverage big data to automate business processes and reduce costs in light of falling interest rates and banking fees coupled with rising consumer demands. Adopting artificial intelligence, cloud technology, and automation in modernizing their applications could enable banks to develop omnichannel products, services, and capabilities, ultimately improving the user experience. Now, let's examine digital transformation in the banking industry: 6.1 Authentic User Experience (UX) Banks must share genuine customer experiences to retain loyalty. To achieve this, they must embrace the latest trends, technologies, and well-designed UX. 6.2Blockchain Technology To improve customer satisfaction, banks must reduce the intermediaries between them and their customers. This can be accomplished through increased transparency using blockchain technology, enabling untrusted parties to agree on a shared database and eliminating the need for transaction intermediaries. 6.3 Personalized Technical Services Key points about the benefits of personalized services such as automation, AI, and cloud computing in the banking industry: Automation minimizes human intervention and reduces errors, resulting in faster and more efficient service. AI helps banks predict outcomes based on past data, such as identifying fraud and making customer recommendations. Cloud computing enables banks to adopt new business models and create secure applications that meet regulatory requirements. About 27% of Americans use an online-only bank. Of those at online-only banks, 88% reported they are satisfied with the bank’s services. Meanwhile, only 66% of consumers using traditional banks report being satisfied with them. (Source: Bankrate) 7. Digital Banking Platforms Reaching Out to SMBs Digital banking platforms have revolutionized business operations by providing enhanced convenience and adaptability. Fintech firms have customized their platforms to meet the unique needs of small and medium-sized businesses (SMBs), offering mobile apps that facilitate financial management, transaction processing, and access to a range of financial tools and services at all times and from any location. The following is a list of notable digital banking applications that have garnered significant popularity over time: Betterment: It is an online financial advisor that offers personalized, fiduciary advice for retirement planning, building wealth, and achieving financial goals. By utilizing advanced algorithms and technology, it offers automated investment services that are tailored to each client's unique investment objectives and risk tolerance. The platform offers a diverse range of investment options, low fees, tax-efficient investing, and access to financial advisors. Betterment's mission is to make investing accessible and affordable to everyone, with a user-friendly online platform that is easy to use and offers high-quality investment advice. Mercury: It is a startup-focused banking platform that provides a comprehensive range of financial services tailored to companies of any size or stage. The platform offers free checking and savings accounts, debit and credit cards, domestic and international wire transfers, treasury and venture debt, and other essential financial products, all with an intuitive user experience. In addition to its suite of banking services, Mercury also provides vibrant community programs that offer founders the resources, advice, and connections needed to build successful companies. Bluevine: It is a financial technology company that specializes in providing working capital financing solutions tailored to small and medium-sized businesses (SMBs) in the United States. With a suite of financing products, including invoice factoring, lines of credit, and term loans, Bluevine enables SMBs to secure the necessary funding to drive growth and expansion. The company's platform is designed to facilitate a seamless lending experience, with streamlined applications and fast approvals that can be completed in as little as 10 minutes. Novo: New York-based fintech firm, Novo offers digital banking services to small businesses in the United States. Its suite of products includes mobile check deposit, online bill pay, and debit card issuance for employees. The company has also integrated with popular small business software tools such as QuickBooks and Xero, providing businesses with greater financial management capabilities. Relay: Relay is an online banking and money management platform dedicated to giving America's small businesses the tools they need to grow and gain visibility into their finances. The company recognizes that traditional banking services often underserve small businesses. As a result, it has built a platform that gives entrepreneurs the power to control their cash flow by giving them a clear picture of their income and expenses. 8. Future Aspects of Digital Banking Solutions As technology continues to advance, the traditional banking system is expected to undergo significant changes in the coming decades, with neobanks rapidly gaining popularity among tech-savvy customers for their personalized services. These digital fintech companies, often referred to as 'challenger banks', operate without physical branches and offer a range of attractive services, blurring the line between traditional banking and financial systems. As a result, retail banks may adopt an omnichannel approach and leverage the robust infrastructure of fintech enterprises to enhance the customer experience.

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Why Payments-as-a-Service is the first choice for FIs

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The pace of change within the global payment’s technology space is still at full speed with no sign of slowing down. While traditional incumbents have until recently taken comfort in their size and decades of dominance, new digital-only challenger banks are ramping up and making a huge impact on the global financial landscape.

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BIG TECH IN FINANCE: A DEEP DIVE INTO THE FUTURE OF FINTECH

Article | February 10, 2020

The following article looks at Big Tech and its impact on the financial services sector. Whilst competition from small fintech startups will certainly take away some market share from traditional banks, the impact of “GAFA” could be huge. The fintech movement did more than unbundle banking and its core services — it spurred financial inclusion across Asia, increased overall economic growth, and made significant inroads into the finance value chain. The born-digital companies brought technology to the forefront, attacking the traditional risk-averse sector from various points — digital payments, insurance, P2P lending, and investment management, among other avenues.

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3 Reasons CFOs Should Care About Investing in Cloud Based Banking

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Digital bank accounts, offered by online-savvy institutions, provide security and scalability in transactions. These seamlessly integrate with tools such as accounting software and payment gateways. Contents 1. Introduction 2. Positive Aspects of Digital Bank Accounts 3. Streamlining Financial Management with Digital Bank Accounts 4. Implementing Digital Bank Accounts in a Financial Management System 5. Best Practices in Using Digital Bank Accounts 6. Final Thoughts 1. Introduction Digital bank accounts are primarily designed for businesses and are offered by financial institutions with a strong focus on online and digital banking services. These accounts provide improved security features, flexible transaction volumes, as well as low costs, and can be easily integrated with other business tools, such as accounting software and payment gateways. “By partnering with fintech startups, banks will give their account holders the right measure of security and speed. Account holders can know that their money is safe, and they can enjoy the latest financial technology. This is the way to become a digital bank.” (Source: Chris Skinner) 2. Positive Aspects of Digital Bank Accounts Digital business bank accounts provide a range of benefits for businesses, including improvements in financial management processes, time and cost savings, and increased security. Key advantages of these accounts include: Accessibility: Businesses can access and manage their digital business bank accounts from any location and at any time without physically visiting a bank branch, enabling them to carry out transactions with greater flexibility and efficiency. Streamlined Financial Management: These allow businesses to manage their finances more efficiently by providing access to the best online banking accounts such as real-time transaction monitoring and account reconciliation. Cost-effective: Some digital savings accounts offer low transaction fees or even fee-free transactions, making them an attractive option for businesses looking to save on costs. It's mostly beneficial for businesses with high transaction volumes, as they can significantly reduce their expenses. Enhanced Security: Digital bank accounts come with advanced security features such as two-factor authentication and real-time monitoring of transactions, providing businesses with increased protection against fraud and cyber threats. This feature can help companies to avoid financial losses due to fraudulent activities. Integration with Other Business Tools: Digital bank accounts can be easily integrated with other business tools, such as accounting software and payment gateways. This feature allows for seamless financial management and automation, improving the efficiency and accuracy of financial operations. 3. Streamlining Financial Management with Digital Bank Accounts With digital bank accounts, businesses can easily integrate their banking activities with their accounting software, making it easier to manage financial data, reduce errors, and make informed financial decisions. Faster payment processing and real-time financial data also enable businesses to improve their cash flow management. Digital Accounting Systems: Businesses can easily integrate their bank account transactions with their accounting software, automatically recording financial data, saving time, and reducing errors. Expedited Payments: Digital bank accounts can facilitate faster payments through features such as real-time transfers, which can be particularly beneficial for businesses that need to pay suppliers or receive payments from customers quickly. Automated Invoicing and Collections: Many digital bank accounts offer online invoicing and payment processing, allowing businesses to create and send invoices to customers electronically and receive payments directly into their bank accounts. Financial Visibility: Digital bank accounts often give businesses real-time access to their financial data, including account balances, transaction histories, and spending trends. It can help companies make more informed financial decisions. Cost-cutting: Digital bank accounts are often less expensive than traditional ones, with lower fees and fewer account requirements. This can be helpful for small and medium-sized businesses that have a limited amount of money to spend on banking services. 4. Implementing Digital Bank Accounts in a Financial Management System Digital bank accounts facilitate easy transfer of funds between accounts and enable payments to suppliers and vendors, resulting in streamlined cash flow management. They also minimize the risk of fraud and errors since transactions are automatically recorded and monitored by the bank and accounting software, reducing the need for manual data entry and decreasing the chance of errors. These help manage cash flow by providing real-time information about incoming and outgoing funds, enabling businesses to make informed decisions about payments and investments. These also allow the transfer of funds between accounts, useful during times of low cash reserves or unexpected expenses. Digital bank accounts enable the establishment of automatic payment schedules to ensure timely bill payments, avoid late fees, and maintain a positive cash flow while avoiding business disruptions. Companies can implement digital bank accounts by choosing a reputable digital bank, integrating it with their accounting software or enterprise resource planning (ERP) system, and establishing internal controls and security measures to protect financial data. Proper implementation and management of digital bank accounts can give businesses a competitive advantage in today's fast-paced and digital business environment. 5. Best Practices in Using Digital Bank Accounts When it comes to using digital bank accounts for B2B transactions, there are a few additional best practices to consider in order to run businesses more efficiently: Use a Dedicated Account: While using digital bank accounts for B2B transactions, it's a good idea to use a dedicated digital savings account separate from other business accounts. This can help keep track of transactions and simplify accounting and tax reporting. Automate Payments: Many digital banks offer automation tools that can help schedule recurring payments and streamline payment processes. It can help reduce errors and save time. Set Transaction Limits: To reduce the risk of fraud or unauthorized transactions, set transaction limits on the digital bank account, thereby limiting the amount of money that can be transferred without authorization. Use Invoicing Tools: Some digital banks offer invoicing tools to help create and send invoices to clients or vendors. This can help in managing accounts payable and accounts receivable more efficiently. Monitor Cash Flow: Regularly monitoring cash flow can identify potential cash flow issues before they become a problem. Many digital banks offer cash flow management tools to help monitor cash flow in real time. Use Multiple Accounts: Depending on the size of the business and the volume of transactions, using various digital bank accounts can be considered to manage different aspects of the business, thus, segregating funds and simplifying accounting and reporting. 6. Final Thoughts Digital bank accounts have emerged as a powerful tool for businesses seeking to streamline financial management. Looking ahead, the future of digital bank accounts is bright. As technology advances and the adoption of digital banking services increases, digital bank accounts will become even more efficient and user-friendly. Furthermore, integrating other financial tools and services into digital banking platforms will offer more streamlined financial management solutions. By selecting a reliable digital bank, ensuring account security, keeping track of transactions, utilizing budgeting resources, and comprehending applicable fees and charges, businesses can reap the advantages of the best online banking for small businesses. The best digital business bank accounts are poised to become even more essential tools for businesses looking to optimize their financial management and achieve greater success.

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4 Ways CFOs Can Prepare for a Dynamic New Normal

Article | July 20, 2022

Digital banking altered the way businesses manage their finances, rendering the once cumbersome processes of physical branch visits and lengthy lines for account opening and money transfers obsolete. Contents 1. Evolution of Banking: From Brick-and-mortar to Digital 2. Multichannel Banking and Self-service Solutions 3. Demystifying Retail, Business and Corporate Banking 4. Mobile Banking: Payment Processing Overhaul 4.1 Overview of Fintech Companies in Banking Industry 5. Technology Trends in Digital Banking 6. Digital Transformation in Banking 6.1 Authentic User Experience 6.2 Blockchain Technology 6.3 Personalized Technology Services 7. Digital Banking Platforms Reaching out to SMBs 8. Future Aspects of Digital Banking Solutions 1. Evolution of Banking: From Brick-and-mortar to Digital Digital banking has transformed the traditional banking landscape and brought about a paradigm shift in the way individuals and businesses manage their finances. The cumbersome and time-consuming nature of financial transactions that involved physical visits to bank branches and long queues for basic tasks like account opening and money transfers is now a thing of the past. Between 2017 and 2021, 9% of all branch locations closed down, a loss of around 7,500 branches, according to the non-profit National Community Reinvestment Coalition (NCRC). (Source: Bankrate) With the digitization of banking, there has been a shift toward a cashless economy, with net and mobile banking gaining popularity over physical cash. With digital banking solutions like UPI, internet banking, and mobile banking, customers can access global transaction banking services directly from their own platforms, enabling seamless transactions anytime, anywhere. 2. Multichannel Banking and Self-Service Solutions The shift from traditional brick-and-mortar banking to digital banking has become ubiquitous, making self-service approaches in digital banking solutions vital for customers. These options allow customers to access banking solutions using software resources without human intervention, enabling them to conduct transactions such as checking account balances, making online transfers and withdrawals, paying bills, loan installments, exchanging currencies, and overall managing wealth with ease. Such solutions can be accessed through FAQs, chatbots, customer support portals, and other similar resources. The scope of self-service technology also encompasses internet banking and online shopping. Although the first and most successful self-service solution introduced by banks worldwide was the automated teller machine (ATM), the concept has now been extended to include a variety of digital banking platforms and applications. 3. Demystifying Retail, Business and Corporate Banking Digital banking services and products consist of three main sub-categories: Retail banking, Business banking, and Corporate banking. Retail banking, also referred to as consumer banking or personal banking, is a form of banking that offers financial services specifically to individual customers instead of businesses. It enables customers to effectively manage their finances, access credit facilities, and securely deposit their funds. Business banking refers to a company's financial transactions with a specialized institution that offers tailored financial services such as business loans, credit, savings accounts, and checking accounts, exclusively designed for corporate entities rather than individuals. This type of banking is conducted by a dedicated business banking division within a bank, which solely caters to the financial needs of commercial organizations. Corporate banking entails the provision of financial services to sizable corporations and multinational enterprises, which includes an array of offerings such as cash management, trade finance, corporate lending, and treasury services. With the advent of digital corporate banking, businesses can now effectively manage their financial transactions, process payments, and gain access to various financial tools and resources via digital platforms, ensuring improved efficiency and convenience. 4.Mobile Banking: Payment Processing Overhaul Mobile banking allows remote access to a wide range of banking services. Mobile app simplifies our lives by letting bank and other financial institution users check account balances, pay bills, transfer money, manage investments, and apply for loans with just a few clicks. Mobile banking alerts promote smart financial management, provide customization options, and enable easy monitoring for suspicious activity. A Chase Bank study revealed that 87% of consumers use their bank's mobile app monthly. Some features of a digital banking platform: Transfer money to friends and family within minutes via the ‘Manage Payee’ option on mobile banking apps. Clear utility bills via banks linked with UPI-enabled apps on your phone instead of standing in long queues outside gas stations with cash. Open Demat accounts online via the KYC process and manage all investments, deposits, and stocks in one place. Open bank accounts by uploading documents online; skip visiting banks and filling out forms. Get online assistance from banks 24/7 through chatbots and support systems. Mobile banking enables smooth functioning and boosts transparency in accessing financial data. Check account balances anytime without the need for passbook slips. Mobile banking apps provide customers with innumerable loan options, with banks deducting loan amounts from accounts on a fixed date via the ‘AutoPay’ option. 4.1 Overview of Fintech Companies in Banking Industry Here are some leading digital banking platforms catering to the needs of financial institutions: Alkami Technology: It is a major developer of cloud-based digital banking solutions for financial institutions in the United States. Its solutions enable users to clients their businesses with confidence, react to changing circumstances swiftly, and build vibrant digital communities. The company provides a range of services, including retail banking and business banking, digital account opening, loan origination, and multi-payment fraud protection solutions to assist clients in their transformation. It is dedicated to empowering its clients and supporting them in achieving their goals. Numerated: It is a fast-growing fintech that streamlines the origination process for business banking products. Over 400,000 businesses and 30,000 financial institution associates have processed $50 billion in lending using Numerated. The platform is used by financial institutions with a combined $1 trillion in assets, including Bremer Bank, Dollar Bank, Eastern Bank, MidFirst Bank, People's United Bank, Seacoast Bank, and others. The company has been recognized for its work as one of 2020's Top 250 FinTechs by CB Insights and 2021's Best Overall Business Lending Company by FinTech Breakthrough. Zoot Enterprises: It is a global leader in providing advanced origination, acquisition, and decision management solutions to financial institutions. Its cloud-based platforms offer flexibility for specific business needs, including loan origination, fraud detection, and data acquisition. Zoot enables clients to access hundreds of cutting-edge data sources in real time, delivering decisions in milliseconds. Its origination solution streamlines loan processing, providing powerful tools and robust integrations that reduce data entry, accelerate loan processing times, and avoid costly errors. Geezeo: The company delivers enriched digital banking experiences, processing, and augmenting transactions for over 500 financial institutions. Its insights enhance the overall customer experience, seamlessly integrating within online and mobile banking environments while allowing financial institutions to maintain ownership of their personal financial management (PFM) brand. It focuses on technology solutions that engage audiences with enriched data and offers expertise in digital banking, marketing, and technology. TurnKey Lender: It is a global leader in Unified Lending Management (ULM). Its intelligent software products automate the entire lending process, including traditional and alternative lending, SME financing, grant management, money lending, leasing, trade finance, in-house financing, and more. With customers in over 50 countries, TurnKey Lender is gaining traction as a pioneer in AI software development for lenders in regions like the United States, APAC, and the EU. The company’s solutions are used by all types of lenders, including large/mid-size banks, digital lenders, multi-finance companies, trade finance operators, traditional and non-traditional lenders, and telecoms. 5. Technology Trends in Digital Banking Banking technology is rapidly evolving. Advanced technologies like AI and ML will enable banks to analyze large data sets in real time and offer personalized solutions to customers. The market size of the global digital banking platform was valued at USD 20.8 billion in 2021 and is expected to expand at a CAGR of 20.5% from 2022 to 2030. (Source: Grand View Research) The increasing digital savviness of the global population is prompting the adoption of technological advancements. However, some individuals are still in an adaptive mode due to a lack of time and knowledge. AI and ML technologies enable banks to analyze large amounts of data, make informed decisions through predictive analysis, and improve lending patterns by analyzing consumer spending patterns. 6.Digital Transformation in Banking Financial institutions must leverage big data to automate business processes and reduce costs in light of falling interest rates and banking fees coupled with rising consumer demands. Adopting artificial intelligence, cloud technology, and automation in modernizing their applications could enable banks to develop omnichannel products, services, and capabilities, ultimately improving the user experience. Now, let's examine digital transformation in the banking industry: 6.1 Authentic User Experience (UX) Banks must share genuine customer experiences to retain loyalty. To achieve this, they must embrace the latest trends, technologies, and well-designed UX. 6.2Blockchain Technology To improve customer satisfaction, banks must reduce the intermediaries between them and their customers. This can be accomplished through increased transparency using blockchain technology, enabling untrusted parties to agree on a shared database and eliminating the need for transaction intermediaries. 6.3 Personalized Technical Services Key points about the benefits of personalized services such as automation, AI, and cloud computing in the banking industry: Automation minimizes human intervention and reduces errors, resulting in faster and more efficient service. AI helps banks predict outcomes based on past data, such as identifying fraud and making customer recommendations. Cloud computing enables banks to adopt new business models and create secure applications that meet regulatory requirements. About 27% of Americans use an online-only bank. Of those at online-only banks, 88% reported they are satisfied with the bank’s services. Meanwhile, only 66% of consumers using traditional banks report being satisfied with them. (Source: Bankrate) 7. Digital Banking Platforms Reaching Out to SMBs Digital banking platforms have revolutionized business operations by providing enhanced convenience and adaptability. Fintech firms have customized their platforms to meet the unique needs of small and medium-sized businesses (SMBs), offering mobile apps that facilitate financial management, transaction processing, and access to a range of financial tools and services at all times and from any location. The following is a list of notable digital banking applications that have garnered significant popularity over time: Betterment: It is an online financial advisor that offers personalized, fiduciary advice for retirement planning, building wealth, and achieving financial goals. By utilizing advanced algorithms and technology, it offers automated investment services that are tailored to each client's unique investment objectives and risk tolerance. The platform offers a diverse range of investment options, low fees, tax-efficient investing, and access to financial advisors. Betterment's mission is to make investing accessible and affordable to everyone, with a user-friendly online platform that is easy to use and offers high-quality investment advice. Mercury: It is a startup-focused banking platform that provides a comprehensive range of financial services tailored to companies of any size or stage. The platform offers free checking and savings accounts, debit and credit cards, domestic and international wire transfers, treasury and venture debt, and other essential financial products, all with an intuitive user experience. In addition to its suite of banking services, Mercury also provides vibrant community programs that offer founders the resources, advice, and connections needed to build successful companies. Bluevine: It is a financial technology company that specializes in providing working capital financing solutions tailored to small and medium-sized businesses (SMBs) in the United States. With a suite of financing products, including invoice factoring, lines of credit, and term loans, Bluevine enables SMBs to secure the necessary funding to drive growth and expansion. The company's platform is designed to facilitate a seamless lending experience, with streamlined applications and fast approvals that can be completed in as little as 10 minutes. Novo: New York-based fintech firm, Novo offers digital banking services to small businesses in the United States. Its suite of products includes mobile check deposit, online bill pay, and debit card issuance for employees. The company has also integrated with popular small business software tools such as QuickBooks and Xero, providing businesses with greater financial management capabilities. Relay: Relay is an online banking and money management platform dedicated to giving America's small businesses the tools they need to grow and gain visibility into their finances. The company recognizes that traditional banking services often underserve small businesses. As a result, it has built a platform that gives entrepreneurs the power to control their cash flow by giving them a clear picture of their income and expenses. 8. Future Aspects of Digital Banking Solutions As technology continues to advance, the traditional banking system is expected to undergo significant changes in the coming decades, with neobanks rapidly gaining popularity among tech-savvy customers for their personalized services. These digital fintech companies, often referred to as 'challenger banks', operate without physical branches and offer a range of attractive services, blurring the line between traditional banking and financial systems. As a result, retail banks may adopt an omnichannel approach and leverage the robust infrastructure of fintech enterprises to enhance the customer experience.

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CORE BANKING

A Guide to Banking in the Metaverse: Part 2

Article | July 14, 2022

The pace of change within the global payment’s technology space is still at full speed with no sign of slowing down. While traditional incumbents have until recently taken comfort in their size and decades of dominance, new digital-only challenger banks are ramping up and making a huge impact on the global financial landscape.

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BIG TECH IN FINANCE: A DEEP DIVE INTO THE FUTURE OF FINTECH

Article | February 10, 2020

The following article looks at Big Tech and its impact on the financial services sector. Whilst competition from small fintech startups will certainly take away some market share from traditional banks, the impact of “GAFA” could be huge. The fintech movement did more than unbundle banking and its core services — it spurred financial inclusion across Asia, increased overall economic growth, and made significant inroads into the finance value chain. The born-digital companies brought technology to the forefront, attacking the traditional risk-averse sector from various points — digital payments, insurance, P2P lending, and investment management, among other avenues.

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Fundtech

Fundtech is a leading provider of financial technology to banks and corporations of all sizes in the Americas, EMEA, and Asia-Pacific. Founded in 1993, the company develops transaction banking solutions that it offers as either a software license or Software as a Service (SaaS). Major product lines are: payments and liquidity management; cash management, financial messaging through the world’s largest SWIFT service bureau...

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CORE BANKING, FINTECH

SWBC and equipifi Partner to Bring Debit Card BNPL to Financial Institutions

PPRnewswire | April 19, 2023

equipifi, a fintech company providing banks and credit unions with a white label Buy Now, Pay Later (BNPL) solution, announced its partnership with SWBC, an international financial services company. Through equipifi, SWBC's clients will be able to offer BNPL solutions on their digital banking app, helping debit cardholders split their larger purchases into flexible installment loans. SWBC serves more than 1,400 financial institutions across all 50 states, supporting them in meeting their critical goals. With equipifi, SWBC's financial institution clients will be able to leverage their existing data and debit cards to extend BNPL offers that are in alignment with their members' financial goals. They will now have access to a competitive payment product that meets consumer purchase preferences, while increasing the value of their banking experience. "We are thrilled to work with such an innovative and forward-thinking team who shares our passion for bringing timely solutions to the market," said Wanita Kaupert, EVP of Product Management for SWBC's Financial Institution Group. "Cash flow is more critical than ever, especially with so many credit union members experiencing negative wages in the current economic conditions. By partnering with equipifi, we can provide our clients with a solution that offers their members greater purchasing power, while managing their finances more effectively." BNPL programs grew 25 percent in transaction value last year and are projected to surpass $100 billion by 2024. According to the Consumer Financial Protection Bureau (CFPB), 89 percent of all repayments in 2020-2021 were made via debit card. By accessing split payments through their existing debit card, members will have more payment flexibility on larger purchases and more visibility of their financial health from their trusted financial institution. "With the growing adoption of BNPL and the need for payment flexibility, financial institutions are tapping into a key shift in consumer behavior by unlocking split payments on debit cards," said Bryce Deeney, CEO and cofounder of equipifi. "Working with SWBC, we look forward to mass enabling this powerful acquisition and retention tool for financial institutions and raising the bar for consumer debit cards." About equipifi equipifi is a fintech SaaS powering banks and credit unions with split payment capabilities on their existing debit cards. This is a white label Buy Now, Pay Later (BNPL) solution for financial institutions that aligns with consumer purchase habits, payment preferences, and financial goals. The equipifi platform seamlessly integrates with financial institutions to deepen customer engagement, grow market share, increase revenue, and provide a single place to view, accept, and manage BNPL plans on their existing banking app. For more information, please visit www.equipifi.com. About SWBC As a diversified financial services company, SWBC provides financial institutions, businesses, and individuals a wide range of services, including insurance, mortgages, wealth management, employee benefits, and more. Headquartered in San Antonio, Texas, SWBC has partners and divisions across all 50 states and manages business around the world. No matter how wide its reach, SWBC always listens to its customers' needs, analyzes their current situations, and recommends customized solutions. For more information about our innovative approach to personalized service, visit SWBC's website at swbc.com.

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CORE BANKING, DIGITAL BANKING

Actionable Business Insights via upSWOT Now Standard on the Alkami Digital Banking Platform

PRnewswire | June 01, 2023

Alkami Technology, Inc. (Nasdaq: ALKT) ("Alkami"), a leading cloud-based digital banking solutions provider for banks and credit unions in the U.S., and upSWOT, a leading fintech platform that connects business applications for integrated data analysis and insight, have expanded their partnership by making upSWOT's business insights from Alkami digital banking data a standard feature available to all Alkami business banking clients. The dashboard is designed to empower businesses and financial institution relationship managers with real-time, actionable insights to: build loyalty and increase engagement opportunities. deliver more personalized and relevant offers to business users to increase cross-sell and upsell revenue rates. gain visibility into business health based on assets, debt load, short and long-term liabilities, and revenue pipelines. "Businesses need to quickly ascertain their performance and partner with a financial institution that can be their trusted advisor to ensure they thrive," said Jeff Chen, vice president, product management at Alkami. "Making upSWOT a standard part of Alkami's business banking solution allows our clients—regional banks and credit unions—to better serve the financial wellness of their business account holders by providing them with the data aggregation, visualization, and analytics they need to grow their revenue." The data-driven insights from upSWOT also identify opportunities for timely recommendations related to business operations. "We believe that small businesses are the heartbeat of our communities. This philosophy drives our commitment to providing financial institutions with the innovative tools they need to not only help their business account holders grow but also build loyalty and drive engagement," said Adam Dolby, senior vice president of partnerships at upSWOT. About Alkami Alkami Technology, Inc. is a leading cloud-based digital banking solutions provider for financial institutions in the United States that enables clients to grow confidently, adapt quickly, and build thriving digital communities. Alkami helps clients transform through retail and business banking, digital account opening, payment security, and data analytics and marketing solutions. To learn more, visit www.alkami.com. About upSWOT upSWOT offers real-time business performance data, trends, and insights to financial institutions and business owners. The upSWOT platform, with connections to 200+ SaaS products used daily by small- and medium-sized businesses, is a powerful add-on to digital banking offerings.

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CORE BANKING, FINTECH

Bluevine and Wise Launch International Bill-Pay Solution for U.S. SMBs

Businesswire | April 13, 2023

Wise, the global technology company building the best way to move money around the world, and Bluevine, the leading provider of small business banking solutions, today announced a partnership that leverages the power of Wise Platform to make international payments more convenient, simple and transparent for Bluevine’s customers in its all-in-one digital banking account. Research found that 75% of SMBs are dissatisfied with cross-border payment solutions because fees are normally high and unpredictable. Traditional banks and other providers often hide fees in inflated exchange rates and offer confusing pricing structures, draining already tight profit margins for businesses. This also adds unnecessary complexity to the already busy lives of small business entrepreneurs. Through this partnership, Bluevine customers can now start with eight currencies across 26 countries with highly competitive exchange rates and a transparent, low fee rate. Additional currencies and countries will be added soon. Customers won’t face hidden markups in the exchange rate or convoluted transaction fees. These international payments can be made with only a few easy clicks from the Bluevine account dashboard, ending the need to call or visit a physical branch for support. This simple new, easy-to-use payment option is built on a powerful platform that is fully integrated with Bluevine customers’ bill pay and checking accounts. "It’s so easy and fast to send money to the UK from the dashboard,” said Michael Thwaite, Bluevine customer and co-founder of FoodDays, a digital platform that makes running school lunches easier for PTAs. “The payment arrived in the UK account within hours – it was like sending money to someone living next door.” "We're thrilled to be partnering with Wise to provide our customers with a best-in-class solution for sending international payments," said Charles Amadon, SVP & General Manager of Bluevine Banking. "In speaking to customers it became clear that managing international payments was still a headache for too many. What they wanted from Bluevine was a simple solution that delivered on what matters most - speed, transparent pricing, and ease-of-use from within Online Banking. This integration unlocks these benefits and more, saving small business owners' time and allowing them to focus on growing their business." Across the U.S., small and medium size businesses are becoming more international. They are increasingly hiring in other countries or working with global freelancers and contractors due to cost, resources and the ability to maintain a competitive edge. The global market also provides an opportunity for businesses to seek additional avenues of sourcing business materials that are necessary for everyday work. “There is a fundamental shift in how small businesses operate today, and while they are becoming more international, the tools in today’s market only cater to domestic needs,” said Steve Naudé, Head of Wise Platform. “We’re proud to partner with Bluevine, a like-minded company, to bring in a new era of convenience and transparency for small business financial tools. Now these businesses can spend less time dealing with poor user experiences and worrying about hidden fees, and instead focus on running and growing their business internationally.” With transfers powered by Wise, whose cross-border payments network delivers over 50% of transfers within 20 seconds, Bluevine customers can trust reliability and speed in their payments made. Wise Platform is embedded in over 60 banks and businesses across the world. Wise Platform allows other companies to leverage the power of Wise and embed the best way to send, receive, and manage money internationally into their existing infrastructure. About Wise Wise is a global technology company, building the best way to move money around the world. With the Wise account people and businesses can hold over 50 currencies, move money between countries and spend money abroad. Large companies and banks use Wise technology too; an entirely new cross-border payments network that will one day power money without borders for everyone, everywhere. However you use the platform, Wise is on a mission to make your life easier and save you money. Co-founded by Kristo Käärmann and Taavet Hinrikus, Wise launched in 2011 under its original name TransferWise. It is one of the world’s fastest growing, profitable technology companies and is listed on the London Stock Exchange under the ticker, WISE. 16 million people and businesses use Wise globally, which processes around £9 billion in cross-border transactions every month, saving customers around £1.5 billion a year. About Wise Platform Over the last decade, Wise has built an entirely new cross-border payments network that will one day power money without borders for everyone, everywhere. Thanks to Wise Platform, large companies and banks can leverage Wise’s technology and embed the best way to send, receive, and manage money internationally into their existing infrastructure. With over 60 partners worldwide, Wise Platform saves banks and businesses time and money by allowing them to seamlessly bring fast, cheap, transparent and convenient cross-border payments to their customers. About Bluevine Bluevine provides small businesses with streamlined banking solutions built for them. Since launching in 2013, Bluevine’s innovative and intuitive products, including business checking, bill pay, and line of credit, have helped over 450,000 entrepreneurs save time and money so they can focus on what matters most: growing their business. Bluevine is backed by leading private and institutional investors, including Lightspeed Venture Partners, Menlo Ventures, 83North, Citi Ventures, ION Crossover Partners, SVB Capital, Nationwide Insurance, and M12 (Microsoft’s Venture Arm). Lines of credit are issued by Celtic Bank, a Utah-chartered Industrial Bank, Member of FDIC. Banking Services provided by Coastal Community Bank, Member FDIC.

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CORE BANKING, FINTECH

SWBC and equipifi Partner to Bring Debit Card BNPL to Financial Institutions

PPRnewswire | April 19, 2023

equipifi, a fintech company providing banks and credit unions with a white label Buy Now, Pay Later (BNPL) solution, announced its partnership with SWBC, an international financial services company. Through equipifi, SWBC's clients will be able to offer BNPL solutions on their digital banking app, helping debit cardholders split their larger purchases into flexible installment loans. SWBC serves more than 1,400 financial institutions across all 50 states, supporting them in meeting their critical goals. With equipifi, SWBC's financial institution clients will be able to leverage their existing data and debit cards to extend BNPL offers that are in alignment with their members' financial goals. They will now have access to a competitive payment product that meets consumer purchase preferences, while increasing the value of their banking experience. "We are thrilled to work with such an innovative and forward-thinking team who shares our passion for bringing timely solutions to the market," said Wanita Kaupert, EVP of Product Management for SWBC's Financial Institution Group. "Cash flow is more critical than ever, especially with so many credit union members experiencing negative wages in the current economic conditions. By partnering with equipifi, we can provide our clients with a solution that offers their members greater purchasing power, while managing their finances more effectively." BNPL programs grew 25 percent in transaction value last year and are projected to surpass $100 billion by 2024. According to the Consumer Financial Protection Bureau (CFPB), 89 percent of all repayments in 2020-2021 were made via debit card. By accessing split payments through their existing debit card, members will have more payment flexibility on larger purchases and more visibility of their financial health from their trusted financial institution. "With the growing adoption of BNPL and the need for payment flexibility, financial institutions are tapping into a key shift in consumer behavior by unlocking split payments on debit cards," said Bryce Deeney, CEO and cofounder of equipifi. "Working with SWBC, we look forward to mass enabling this powerful acquisition and retention tool for financial institutions and raising the bar for consumer debit cards." About equipifi equipifi is a fintech SaaS powering banks and credit unions with split payment capabilities on their existing debit cards. This is a white label Buy Now, Pay Later (BNPL) solution for financial institutions that aligns with consumer purchase habits, payment preferences, and financial goals. The equipifi platform seamlessly integrates with financial institutions to deepen customer engagement, grow market share, increase revenue, and provide a single place to view, accept, and manage BNPL plans on their existing banking app. For more information, please visit www.equipifi.com. About SWBC As a diversified financial services company, SWBC provides financial institutions, businesses, and individuals a wide range of services, including insurance, mortgages, wealth management, employee benefits, and more. Headquartered in San Antonio, Texas, SWBC has partners and divisions across all 50 states and manages business around the world. No matter how wide its reach, SWBC always listens to its customers' needs, analyzes their current situations, and recommends customized solutions. For more information about our innovative approach to personalized service, visit SWBC's website at swbc.com.

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CORE BANKING, DIGITAL BANKING

Actionable Business Insights via upSWOT Now Standard on the Alkami Digital Banking Platform

PRnewswire | June 01, 2023

Alkami Technology, Inc. (Nasdaq: ALKT) ("Alkami"), a leading cloud-based digital banking solutions provider for banks and credit unions in the U.S., and upSWOT, a leading fintech platform that connects business applications for integrated data analysis and insight, have expanded their partnership by making upSWOT's business insights from Alkami digital banking data a standard feature available to all Alkami business banking clients. The dashboard is designed to empower businesses and financial institution relationship managers with real-time, actionable insights to: build loyalty and increase engagement opportunities. deliver more personalized and relevant offers to business users to increase cross-sell and upsell revenue rates. gain visibility into business health based on assets, debt load, short and long-term liabilities, and revenue pipelines. "Businesses need to quickly ascertain their performance and partner with a financial institution that can be their trusted advisor to ensure they thrive," said Jeff Chen, vice president, product management at Alkami. "Making upSWOT a standard part of Alkami's business banking solution allows our clients—regional banks and credit unions—to better serve the financial wellness of their business account holders by providing them with the data aggregation, visualization, and analytics they need to grow their revenue." The data-driven insights from upSWOT also identify opportunities for timely recommendations related to business operations. "We believe that small businesses are the heartbeat of our communities. This philosophy drives our commitment to providing financial institutions with the innovative tools they need to not only help their business account holders grow but also build loyalty and drive engagement," said Adam Dolby, senior vice president of partnerships at upSWOT. About Alkami Alkami Technology, Inc. is a leading cloud-based digital banking solutions provider for financial institutions in the United States that enables clients to grow confidently, adapt quickly, and build thriving digital communities. Alkami helps clients transform through retail and business banking, digital account opening, payment security, and data analytics and marketing solutions. To learn more, visit www.alkami.com. About upSWOT upSWOT offers real-time business performance data, trends, and insights to financial institutions and business owners. The upSWOT platform, with connections to 200+ SaaS products used daily by small- and medium-sized businesses, is a powerful add-on to digital banking offerings.

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CORE BANKING, FINTECH

Bluevine and Wise Launch International Bill-Pay Solution for U.S. SMBs

Businesswire | April 13, 2023

Wise, the global technology company building the best way to move money around the world, and Bluevine, the leading provider of small business banking solutions, today announced a partnership that leverages the power of Wise Platform to make international payments more convenient, simple and transparent for Bluevine’s customers in its all-in-one digital banking account. Research found that 75% of SMBs are dissatisfied with cross-border payment solutions because fees are normally high and unpredictable. Traditional banks and other providers often hide fees in inflated exchange rates and offer confusing pricing structures, draining already tight profit margins for businesses. This also adds unnecessary complexity to the already busy lives of small business entrepreneurs. Through this partnership, Bluevine customers can now start with eight currencies across 26 countries with highly competitive exchange rates and a transparent, low fee rate. Additional currencies and countries will be added soon. Customers won’t face hidden markups in the exchange rate or convoluted transaction fees. These international payments can be made with only a few easy clicks from the Bluevine account dashboard, ending the need to call or visit a physical branch for support. This simple new, easy-to-use payment option is built on a powerful platform that is fully integrated with Bluevine customers’ bill pay and checking accounts. "It’s so easy and fast to send money to the UK from the dashboard,” said Michael Thwaite, Bluevine customer and co-founder of FoodDays, a digital platform that makes running school lunches easier for PTAs. “The payment arrived in the UK account within hours – it was like sending money to someone living next door.” "We're thrilled to be partnering with Wise to provide our customers with a best-in-class solution for sending international payments," said Charles Amadon, SVP & General Manager of Bluevine Banking. "In speaking to customers it became clear that managing international payments was still a headache for too many. What they wanted from Bluevine was a simple solution that delivered on what matters most - speed, transparent pricing, and ease-of-use from within Online Banking. This integration unlocks these benefits and more, saving small business owners' time and allowing them to focus on growing their business." Across the U.S., small and medium size businesses are becoming more international. They are increasingly hiring in other countries or working with global freelancers and contractors due to cost, resources and the ability to maintain a competitive edge. The global market also provides an opportunity for businesses to seek additional avenues of sourcing business materials that are necessary for everyday work. “There is a fundamental shift in how small businesses operate today, and while they are becoming more international, the tools in today’s market only cater to domestic needs,” said Steve Naudé, Head of Wise Platform. “We’re proud to partner with Bluevine, a like-minded company, to bring in a new era of convenience and transparency for small business financial tools. Now these businesses can spend less time dealing with poor user experiences and worrying about hidden fees, and instead focus on running and growing their business internationally.” With transfers powered by Wise, whose cross-border payments network delivers over 50% of transfers within 20 seconds, Bluevine customers can trust reliability and speed in their payments made. Wise Platform is embedded in over 60 banks and businesses across the world. Wise Platform allows other companies to leverage the power of Wise and embed the best way to send, receive, and manage money internationally into their existing infrastructure. About Wise Wise is a global technology company, building the best way to move money around the world. With the Wise account people and businesses can hold over 50 currencies, move money between countries and spend money abroad. Large companies and banks use Wise technology too; an entirely new cross-border payments network that will one day power money without borders for everyone, everywhere. However you use the platform, Wise is on a mission to make your life easier and save you money. Co-founded by Kristo Käärmann and Taavet Hinrikus, Wise launched in 2011 under its original name TransferWise. It is one of the world’s fastest growing, profitable technology companies and is listed on the London Stock Exchange under the ticker, WISE. 16 million people and businesses use Wise globally, which processes around £9 billion in cross-border transactions every month, saving customers around £1.5 billion a year. About Wise Platform Over the last decade, Wise has built an entirely new cross-border payments network that will one day power money without borders for everyone, everywhere. Thanks to Wise Platform, large companies and banks can leverage Wise’s technology and embed the best way to send, receive, and manage money internationally into their existing infrastructure. With over 60 partners worldwide, Wise Platform saves banks and businesses time and money by allowing them to seamlessly bring fast, cheap, transparent and convenient cross-border payments to their customers. About Bluevine Bluevine provides small businesses with streamlined banking solutions built for them. Since launching in 2013, Bluevine’s innovative and intuitive products, including business checking, bill pay, and line of credit, have helped over 450,000 entrepreneurs save time and money so they can focus on what matters most: growing their business. Bluevine is backed by leading private and institutional investors, including Lightspeed Venture Partners, Menlo Ventures, 83North, Citi Ventures, ION Crossover Partners, SVB Capital, Nationwide Insurance, and M12 (Microsoft’s Venture Arm). Lines of credit are issued by Celtic Bank, a Utah-chartered Industrial Bank, Member of FDIC. Banking Services provided by Coastal Community Bank, Member FDIC.

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