The report is called `SME Banking Channels: Converting a money pit into a business opportunity` and it focuses on the challenges financial institutions and banks can face when they want to offer digital solutions and how they can improve their delivery technology to make their services more efficient and safer for their customers.
Furthermore, the whitepaper offered an overview of the way most SMBs initially look at their financial institutions for accounting and payment tools, while banks are unable or even unwilling to provide products that are collaborating with third-party services. It also reveals that about 30% of small and medium-sized businesses will choose third-party providers instead of banks, including their preferences regarding Open Banking products.
Between staffing, software, and technology costs, the report also analyses the way banks regularly struggle with the ownership of the in-house digital channels, as well as their costs. The conclusion made by the whitepaper reflects the need for financial institutions to eliminate these costs by collaborating with external solution providers in order to offer improved technology and tolls for their users.
The small business industry of the US is prioritised, as the companies focused on 90% of the business market in the country which is composed of SMBs. Those small and medium-sized enterprises employ roughly half of all American citizens, as reported in the publication, and spend about USD 225 billion on accounting and payments services in a year.
BankiFi is a technology platform that was created to be integrated with the existing infrastructure of partners in order to give them access to banking solutions.
In February of 2023, BankiFi announced the launch of its new Go Get Paid tool in collaboration with the if Agency. The product was created for sole merchants, traders, and small businesses, to offer them tools aimed to improve their overall performance and security.
Earlier in the same month, BankiFi appeared in one of the Voice of the industry articles published by The Papers. The publication focused on researching and analysing the most important partnership and collaborations that defined and built resilience in the fintech industry in Q4 2022. It also targeted industries from Open Banking to A2A, embedded finance, as well as all the strategic decisions taken in between.
BankiFi was mentioned as one of the financial institutions that made relevant partnerships within the US banking community. These include its collaboration with Axiom Bank, as well as the deal with Open Finance organisation MX, both aiming to improve the security and development process of SMEs.
Following the company’s deal with Axiom Bank announced in October 2022, SMB customers and clients were able to better track and manage their business finances while using BankiFi’s embedded banking services. The Open Cash Management platform offered by BankiFi was designed with speed in mind, as well as the protection and safety of its customers. The system managed to put Axiom Bank and its associated digital channels in an improved connection with its users.
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