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What If the Future Is With Business Banking?
intechs, once lauded,incorrectly, as the greatest threat to communitybanks and credit unions,Venmo and PayPal made exchanging money easier. Wealth-front and Robinhood brought investing directly to the consumer.However, the small business market has seen the least amount ofattention and thus, disruption.
We are sitting on a precipice,as the need to streamline business processes begins to convergewith consumer expectations anddemands of a digital “anywhere”mentality.
So, we must continue to ask,
“What if?” In 2007, Steve Jobs
asked “what if” when he launched
the iPhone. In 2011 mobile bank-
ing companies asked “what if”
with an untethered mobile bank-
ing device. Just four years ago,
Malauzai, a Finastra company,
asked, “What if you could approve
a wire from the com-
fort of your children’s
t-ball game? What if
we could give ACH to
a consumer with the
click of a button?”
According to a re-
cent study conducted
by JP Morgan, pay-
ments is the most val-
ued online business
What if you couldoffer a truly holisticview of payments?
Think of account receivables, where the paymentsprocess starts with an invoice.
What if we could empower busi-
nesses, of any size, to produce
an invoice? That invoice then
produces an outstanding receiv-
able that could be further fed into
a cash position calendar. If you
know that there is an outstanding
receivable, you know the balance
is going to shift when that pay-
ment comes in. This allows the
credit union, and the
business, to predict
cash flow today, to-
morrow and even six
What if we couldenable all of our businesses with a mobilewallet? What if yourcredit union canhelp solve the biggestproblems businessessee, such as gettingpaid?
At the end of theday, these “what ifs”The Institute of Financial Management reported that accountspayable departments still receivethe majority of their invoices aspaper, leaving 60% of businessesdissatisfied with their receivablesprocesses.
If you have greater insightinto what payments are coming in, when they are coming in,how much they will be and fromwhom, you can reduce the lengthof account receivable cycles. Thatmeans snail mail, invoice payments, client management, reconcilement and deposits are allstreamlined.
Imagine your top businessmember is a property management firm. This business hasestablished electronic debitsto collect lease payments on amonthly basis. Payments aregoing smoothly until the inevitable call comes requesting anaccount change or extension,creating a lot of administrativecosts, returns and delays in getting paid. Imagine the “whatif” eliminating this burden byenabling the business with aself-service payment app thatstreamlines the payment and client management.
What if there were more integrations to your digital businessbanking? Unlike managing asiloed account receivable system,a common trait of account receivable systems, what if you had asingle source of integrated datasources? It would certainly provide businesses and institutionswith greater insight into their cashposition.
Today, we are asking, whatif we blended the line betweenyour expensive cash management solution, your easy-to-navigate small business digitalbanking solution and your dataanalytics engine? What if aneasier, complete business banking solution is exactly what yourcommunity needs to scale andgrow?
What if indeed. n
Michael AbareSenior ProductManagerFinastraAustin, Texas
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