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Email Newsletter - View Article Friday, September 25th, 2020
Innovations That Excite: Business Banking Customers Benefit

Analyst's Journal - October 28th, 2015

By Donna Arce

Innovation in the banking industry continues to boom. Over 70 Fintech innovators showcased their offerings this year at Finovate Fall 2015. The scopes of innovations showcased were wide and deep. Here are a few that caught my eye focused on customer acquisition, alternative lending, enhancing the digital experience and enabling financial institutions to offer value-add services that simplify the life of a business owner.

Illustrations for each innovation are attached throughout the article.

SaleMove

SaleMove’s vision is to meet or exceed the in-person customer experience...online. When a client “walks” onto a website they should feel as though they have walked into a branch- it should be easy to immediately start conversations, share ideas, interact with content and make decisions. To accomplish this, SaleMove combines Video/Audio Chat, CoBrowsing and engagement apps to create the ultimate customer experience, all without any downloads or installations. With SaleMove’s solution, a client can engage in online chat, switch to video communication and even share their screen with a bank representative if they are having trouble filling out a form or finding information. In addition, if the customer chooses to call the service number provided by the bank on their web site, the bank can offer the customer the opportunity to switch from a land line call to video communication with ease. The goal is not just improved customer service, but to advance the sales process. This vendor reports that when clients use SaleMove at its full potential, they see upwards of 150% growth in conversion rates. The platform is currently live in the Financial Services, Automotive and eCommerce industries with over 100 customers.

Bizfi

Bizfi offers proprietary technology to combine aggregation, funding and a participation marketplace for small businesses on one platform. Bizfi and it’s family of companies has originated $1.3 billion in funding for more than 25,000 small businesses since 2005, and recently launched both an API (application protocol interface) and a white label solution that will enable partner companies to offer direct lending solutions to their small business customers. Bizfi’s technology is further supported by strategic relationships with more than 45 funding partners including OnDeck, Funding Circle, Kabbage, IMCA, BlueVine and Bizfi itself.

CreditHQ

CreditHQ’s Insight Engine provides straightforward, actionable insight to small businesses that want to check the financial health of customers, suppliers and partners.

It operates using a simple traffic light ratings system that acts as a guide to clearly show the level of risk associated with the company in question. CreditHQ also provides other useful information on every small business’ customers, including company number, trading and registered address. The concept: make it much easier for small businesses to make informed decisions about who to work with and how likely they are to pay on time. With CreditHQ, Ormsby Street wants to bring the benefits of big data to small businesses. Their recent data indicates that customers using CreditHQ are over 30% LESS likely to fail than those not using the platform.


DAVO Sales Tax

DAVO Technologies' premier product, DAVO Sales Tax, is an automated sales tax solution designed for the more than 6 million SMB brick and mortar merchants in the U.S.  DAVO's patented application automatically collects, files and pays sales tax for the merchant utilizing the ACH and card payments networks.  This is a value-add service for business customers that connects with bank merchant channel offerings. DAVO’s solution is available through a partnership with First Data. It is designed to integrate with the merchant's point-of-sale or back-end accounting package, automatically collecting sales data and sales tax daily. DAVO’s functionality can also be used to facilitate the merchant loan process, providing access to robust, granular daily sales data that lenders can utilize for credit decisions.  

Flybits

Flybits believes personalizing the app experience is the best way to make it more engaging. Flybits software enables you to access all available sources of context -- including location, device settings, personal preferences and behavior, gender, weather and more -- in a unified and integrated way. Flybits lets marketing people and other non-developers change the content and behavior of live apps on the fly, giving unprecedented agility to the marketing team. An iOS or Android developer can Flybits-enable an app in 15 minutes, allowing you to start personalizing the user experience. Flybits is available today and used by customers in banking, transit, retail, corporate campuses and events. In fact, in September, TD Bank Group and Flybits announced an exclusive agreement within the Canadian financial services industry to collaborate on providing TD customers with more personalized mobile banking experiences.


Travel Notes

Travel Notes’ suite of product offerings aims at enhancing the travel experience for cardholders.  Their core technology, the Travel Notes Fraud Platform, automatically notifies financial institutions of their cardholders’ travel plans when they purchase airline tickets, so their card is not declined when traveling. Because Travel Notes tracks your client’s travel, it enables you to provide travel itinerary and receipt details through your digital banking offering and it even enables you to customize your customer log in greeting based on their travel location. In addition, Travel Notes Flight Compensation aids cardholders in the collection of compensation when due resulting from a delayed or canceled airline flight. Travel Notes touts partnerships with legal experts who handle all of the compensation paperwork and communication with the airlines on behalf of your cardholder so your cardholder has a seamless experience.  Travel Notes suite of products is available for both the consumer and business segments. It appears to be a nice value-add service for the frequent traveler.

If you are innovating in the business segments digital or otherwise, we want to hear from you! The call for Monarch Innovation Award entries is now open. The submission deadline is December 4, 2015. For more information about the award, judging criteria and previous winners, visit www.MonarchInnovationawards.com or contact Youa Yang at (763) 253-1825 or via email at yyang@barlowresearch.com. Positive recognition for individuals and teams that make change happen is important. A change does not have to be big to be impactful. We want to hear how you are working at revolutionizing the banking industry.

Discuss this article on Barlow Research's Business Banking Strategy Group on LinkedIn
Contact a Barlow Research Analyst about this article
Barlow Research Associates, Inc.
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Minneapolis, MN 55422
Tel: 763-253-1800 Fax: 763-253-1879
 

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