How BankiFi are changing the game for FI's and their SMB customers

During his time at VenCent's fintech summit, Keith Riddle presented how BankiFi are changing the game for banks and financial institutions on a global scale through our suite of digital solutions. Here's a taster of his presentation.

Q: How do your small business customers think about financial workflows versus financial products? 

For the majority of micro, small and medium-sized businesses their daily concerns are surrounding their financial management workflows. Your SMB customers have plenty of concerns and ask themselves questions such as: ‘How quickly can I get paid?’, ‘How efficiently can I make a payment?’, ‘How do I manage all of the different points of entry into my backend platform to minimize manual entries? How is my business performing in terms of cash flow?’.  

BankiFi have been in the business since 2017 and have deployments across the world – in the UK, Europe, Australia and we have launched in North America – and it’s the same feeling everywhere. Rather than thinking about the financial management aspects singularly, the small business owner thinks about how they will get paid, how quickly these payments will hit their account, and how they can automate the reporting and the data integration within their backend process. This is where we come in: We talk about embedded banking, FinTech, and finance, but there is the smattering of disparate solutions a small business may use from payments to accounting, to lending, which they are securing from non-bank providers.  Each time an SMB secures an additional product from a non-bank provider, the overall relationship with the FI is threatened.  FIs have an opportunity to reverse this trend by embedded a suite of financial workflows that are valuable to the SMB and deployed as a FI-branded digital channel.  

Q: How does BankiFi help strengthen relationships between the FI and SMB customer? 

We strive to make your digital banking channel the one-stop shop and go-to place that your SMB customer goes to run their business as smoothly as possible. Thus, strengthening the relationship between them and you as a financial institution.  

In short, we do things differently.  

We think of the small business customer, the end user, in all scenarios – we don’t think of what we provide in terms of our suite of digital solutions as embedded banking in a traditional sense. We provide an offering that allows FI’s to become more customer centric, and less product-led in terms of their mindset by allowing their SMB customers to integrate their accounting package and other administrative platforms, straight into the bank’s branded digital channel – this is how we keep FI’s at the very heart of business relationships through an Open Cash Management platform. 

Q: What does BankiFi's platform do? 

We help your small business customers to get paid faster, to invoice immediately, to receive payments instantaneously and to cut down the time that they spend on mundane tasks such as admin and connect all FI accounts to optimize cash flow forecasting. We integrate with their accounting platform of choice to do all the reconciliation, matching and the data integration in order to provide that forecasting or analysis needed by you as the financial institution to understand who your business customers are.  

To sum up, within our digital platform we enable a new premium digital banking channel and customer acquisition solution; while connecting with your SMB customer’s accounting package, to offer a suite of services that not only provides the small business with the ability to send payment requests and get paid instantly, but to manage their administrative tasks – such as invoicing and cashflow forecasting, all from within the bank branded digital experience. Satisfying their workflow-based mindset and making you – the FI – their go-to channel for running their business. 

Want to watch the whole presentation? Click here. If you'd like to know more detail on how we can help you, simply request a demo.

Meet us at VenCent 2023

Where to find us at the event

• Stand 17 - feel free to drop by our stand and meet with Keith at the event. Alternatively, you can pre-book a meeting below
• Main stage - BaaS case study panel - Tuesday, August 15th - 15:00pm - Keith Riddle (BankiFi) and Nigel Prince (Axiom Bank)