Three actions that help gigs and small businesses where it matters most...

As we are slowly putting our heads above ground, we see early effects on spending and the way we spend as people and businesses. Recent research clearly shows that one in five Londoners has cancelled direct debits over the last few weeks for ‘non-essential’ expenditure such as lease cars, leisure memberships, subscriptions, etc. Charities suffer equally from full cancellations that will take a lot of effort to reinstate when the ‘real economy’ veers back.

As covered by Forbes: BankiFi Offers Banks Services They Can Bundle For Their SME Customers

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As covered by Forbes: BankiFi Offers Banks Services They Can Bundle For Their SME Customers

This article, written by Tom Groenfeldt first appeared on Forbes.

BankiFi is a European fintech startup that offers modern tech services, such as invoicing, payments, nudges, cash management and accounting, to businesses.

But it doesn’t compete with banks — it offers the services to banks which can then create bundles to meet the needs of their customers with such features as bank-branded accounting engines at a fraction of the cost a business would pay to buy the software from separate vendors like accounting package providers and niche banking services apps.

This way businesses get accounting and banking services through the channel they already know and use: their mobile bank channel. Think sending invoices and receiving monies, the bank separates out taxes to be paid and puts them in a virtual account, tax submission, invoice lending, loans etc. all supported by timely nudges around actions to take on a busy day.

Nationwide, the largest building society in the world, has signed on and invested in BankiFi to create strategic learnings as it develops a new small business proposition it plans to launch soon.

“About two years ago Nationwide was looking across the market and seeing a lot of disruption and a lot of opportunity,” said Emma Huntington, director of innovation and ventures at the building society. To tap into the business opportunities, it created a £50 million Venturing Fund and started looking for fintechs that could provide Nationwide with strategic learning and new capabilities.

BF_Emma Huntington

Emma Huntington, director of innovation and ventures at Nationwide Building Society in the UK
COURTESY NATIONWIDE

“BankiFi was perfect timing as we are designing and building a new SME business.”

Although it is a retail financial member organization with savings, mortgages and checking, Nationwide has found that many members with current accounts are also small business owners with similar needs for their business and their personal banking.

“Nationwide’s brand performs extremely strongly in the SME and retail customer segments even though we don’t yet have an SME solution”

While Nationwide uses SAP as its core system, the new bank will run on a separate tech stack from 10x Banking.

The Society will launch with a current account — the BankiFi services give a hint of the direction it could take, Huntington said.

“I think we need to launch and understand how people are using it and what the takeup is, whether it attracts existing members or new, and the nature of the businesses that are using it,” she added.

That approach is a good match for BankiFi, said Conny Dorrestijn, a founding partner of the company. Figuring it out as you go along aligns with BankiFi’s micro services approach, she said.

“My founding partner Mark Hartley has a firm vision on this and while we start at the micro business angle with servicing the so-called gig economy, our sights are set on servicing the entire business banking range from sole traders, SME, all the way up to corporate customers with more sophisticated demands around treasury management, forex, etc. In a foreseeable future accounting, banking, cash management, treasury management systems and ERPs all use the same date, and this will over time merge into one ‘banking as a platform’ service.”

Huntington said that Nationwide will partner with BankiFi to run experiments.

“In my innovation area we are working with BankiFi already, testing behavioral science and combining it with capabilities. BankiFi provides us APIs and aggregation and an experimental space in innovation, not specifically related to the SME bank, but it creates an insight in what the true nature of cross-silo banking can offer and how we can offer a really relevant service to micro businesses and sole traders.”

Conny Dorrestijn | Founding Partner BankiFi

ABOUT THE AUTHOR
Conny Dorrestijn | Founding Partner BankiFi

BankiFi’s Founding partner Conny Dorrestijn has worked in the international financial technology industry in a wide range of marketing and business development roles, most recently at Clear2Pay / FIS. She is an Advisory Board Member to Holland FinTech and AdviceRobo, Non-Executive Board Member at Arches Capital and Blanco Services and an Associate of the Digital Insurance Agenda (DIA) and the Blockchain Innovation Conference (BIC2019) and a Global Innovation Awards Judge at BAI (US) and Jury Chair of the Dutch NRC FinTech Live Awards. She is a co-host of the regular Fintech Cappuccino podcast. With inclusion across gender, age and culture high on her agenda, she is a Global Ambassador of the EWPN – European Women in Payments Network. She is an Advisory Board Member and mentor for the Money2020 Europe Rise Up programme. Her passion for generation Y and Z is translated in active student mentoring and her voluntary work for the Global Give Back Circle: www.globalgivebackcircle.org, where she is also active as a mentor for Kenyan students.

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NFI Nordic Finance Innovation – Doing Digital

Event launching Chris Skinner’s latest book. Conny will present on Doing Digital with Purpose – in a new world order.

February 12, Oslo, Norway

Open Banking Excellence

A discussion on Banking as a Platform with Mark Hartley, Founding Partner BankiFi

February 20, London, UK

The SME Open Banking Revolution

An Experian / Finextra webinar – BankiFi outlines why SME need and deserve it the most and why banks can make this happen.

February 13, Finextra webinar – free registration

UK – NL Cyber & Fintech Summit

As an Anglo Dutch company BankiFi is very fit to present at this bridge building event. Topics around PSD2, Fintechs and more – free registration

February 20, The Hague, The Netherlands

Money2020 Asia

With Asia and in particular Singapore, Australia and New Zealand moving swiftly on Open Banking Conny will be at Money2020 to meet with the banks’that get it’. Please connect for a meeting: conny.dorrestijn@bankifi.com 

March 23-25, Singapore

De toekomst van het betalingsverkeer

THE national conference on the Future of payments and transaction banking is being chaired by Conny connecting banks, PSPs, merchants and corporate customers. 

April 7, Amsterdam, Netherlands

Impact ’20

Digital and business model innovation in a digital age – Conny will speak about Banking in a New World Order – with Purpose

June 3-4, Krakow, Poland

Open Banking and SCA Forum

Conny moderated and chaired this two-day event in Amsterdam,  4/5 February 2020 with an international host of banks presenting.

 

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