New digital banking feature enables financial institutions to empower businesses with cash flow analysis and forecasting tools
WILMINGTON, NC // April 6, 2023 – Apiture, a leading provider of digital banking solutions, today announced the launch of Business Insights, a new feature in the Apiture Business Banking solution. Through a seamless integration with Monit, the award-winning cash flow analysis, forecasting, and guidance platform, Business Insights provides businesses with a view into their cash flow, revenue, and profitability while helping financial institutions better understand these businesses’ current and projected financial health.
More than three quarters of business owners are interested in receiving advice from their financial institution, yet only 15% receive comprehensive advice, according to JD Power. Due to a disconnect between financial institutions’ digital platforms and businesses’ general ledger or accounting packages, banks and credit unions have lacked the information needed to advise businesses most effectively.
By connecting business users’ accounting software packages to the Apiture Business Banking solution, Business Insights enables banks and credit unions to anticipate business users’ needs, alert them when there’s an opportunity to bring value, and make it easier to engage with and guide these users. Business users benefit from timely, personalized financial insights and easy-to-use event modeling tools within their digital banking solution.
“Our business clients value our ability to provide them with financial tools and advice,” said Mike Hammontree, Executive Vice President, Director of Corporate Services, Pinnacle Financial Partners, one of the first Apiture clients to sign on for the new feature. “We are thrilled about Apiture’s partnership with Monit and are eager to offer Business Insights to our client base.”
“The small business segment is vital to the banks and credit unions we support, and Business Insights provides the actionable insights our clients need to better serve this market,” said Chris Babcock, CEO of Apiture. “Monit shares Apiture’s commitment to providing financial institutions with a clearer picture of businesses’ financial health, making them a natural partner for us.”
As access to streamlined and digitized offerings for small businesses expand, businesses’ overall satisfaction with their primary financial institution has decreased. According to research from Aite-Novarica, 48% of small businesses state a personalized experience is very important or required to keep their business, and less than half (41%) view their financial institution as innovative. Business Insights forges interconnected, personalized banking experiences, enabling community financial institutions to strengthen their relationships with the small business segment.
“Businesses owners expect financial institutions to deliver a tech-forward experience and help to forecast their needs,” said Monit Co-Founder and CEO, Steve Dow. “Our integration with Apiture gives financial institutions the tools they need to drive strategic outcomes for their users, helping them retain business and grow revenue in the process.”
To learn more about Apiture’s Business Banking solution, visit https://apiture.com/business-banking.
Apiture delivers award-winning digital banking solutions to banks and credit unions throughout the U.S. Our flexible, highly configurable solutions meet a wide range of financial institutions’ needs, from leveling the playing field with larger institutions to supporting growth through innovative data intelligence and embedded banking strategies. With our API-first approach, our clients can maximize the capabilities of their platform while preserving a seamless user experience. Our exclusive focus on digital banking, and a team with hundreds of years of collective experience working at U.S. financial institutions, means we’re dedicated to meeting the unique needs of our clients while providing a level of support that’s unmatched in the industry. Apiture is headquartered in Wilmington, North Carolina, with offices in Austin, Texas. To learn more, visit www.apiture.com.
Monit is an award-winning financial intelligence platform for leading financial institutions who want to provide business customers with embedded ‘digital CFO’ tools and enhanced analytics/targeting capabilities for bankers and marketing teams. The two-sided platform includes highly desirable SMB features (cashflow forecasting, industry benchmarking, business valuation, etc.) as well as data-driven relationship deepening tools and insights for bankers. With financial institution partners in three countries, Monit’s mission is to help banks and credit unions win in the increasingly competitive SMB market. Monit is headquartered in Boston, MA with a fully US-based team. The company is privately funded with investment from TTV Capital, JAM FINTOP, Runway Venture Partners, Correlation Ventures, and bank partners. Learn more at www.MonitApp.io and engage with Monit on LinkedIn or Twitter.
Caliber Corporate Advisers