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.

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

All Posts

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.

Upcoming events:

UK FinTECHTalents

11-12 November, London, UK

Conny Dorrestijn chairs and moderates the Build stage around Open Banking on the afternoon of Monday 11 November.

Lean Innovation Summit

11-12 November, Rotterdam, NL 

In a fireside chat, Conny Dorrestijn will make sure she asks the right questions to Aleksa Vukotic, CTO, thestartuptechfactory.tech on platform innovation in start-ups and large corporates/banks.

Shift Money 2019

18-19 November, Zagreb, Croatia

Conny Dorrestijn speaks on Monetizing Open Banking with the only lasting capital we have... Purpose.

 

Fintech Cappuccino

A podcast on fintech and more!
Brewed on Saturdays and bringing you fintech with a twist.

FTC-badge

 

Recent Posts

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 invo...

Read more

Nationwide invests in Business Management Platform BankiFi

Nationwide today announces it is investing in BankiFi, a business banking technology provider that uses open banking to provide a suite of business mi...

Read more

Time to trust the cloud

Why banks can trust the cloud and how fintechs can be trusted by deploying bank grade security Although the cloud has certainly been around longer tha...

Read more

Time to embrace the SME customer

Time to focus on the SME – embracing your business customers - the way they want – through your bank The debate around Open Banking and its opportunit...

Read more