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Platform use cases

There is ever-increasing competition for business relationships from non-bank providers. But banks can win if they focus on their customers’ workflows and embed themselves within day-to-day processes. Get it right and you can increase your revenues, reduce costs and protect your lending business - all while enabling your customers to thrive.

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My customers struggle with late payments

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My customers struggle with late payments

Late payments is a global issue, eating up significant time that businesses should spend elsewhere. In the UK, it’s estimated businesses spend 54.6 million hours per year chasing late payments, and it takes an average of 71 days to collect money when invoicing terms are 30 days. Businesses are desperate for support, but as it stands the banks aren’t doing enough to help. 

The solution: BankiFi enables banks to automate collections for their customers, reducing late payment days and as well as significant admin burden - all from within the bank’s own digital channel. On top of that, you can use this data to proactively identify lending opportunities. 

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My customers spend significant time on matching and reconciliation

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My customers spend significant time on matching and reconciliation

A non-core activity that is ripe for automation. The admin strain on businesses around matching and reconciliation is significant, while a manual approach leads to more errors too. A bank that could solve this challenge for its customers would become an invaluable partner overnight. 

The solution: BankiFi links bank accounts and accounting packages to provide automated matching and reconciliation, allowing your customers to focus on what matters to them. This can be offered as a subscription service linked to the amount of time saved, providing a new revenue line. 

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My customers cannot accurately forecast their cash position

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My customers cannot accurately forecast their cash position

Cash forecasting is a non-core activity that SMEs often struggle with. Either they struggle to gain a clear picture of their position and make the wrong decisions, or they simply have no grasp of where they are at and what their working capital requirements are. It’s an area where banks should be well placed to help, but they don’t have access to all the data to do so. 
 
The solution: Using data from bank accounts and accounting packages, BankiFi builds a live profile of your customers’ cash positions. This enables them to make better business decisions, while providing you with the data you need to drive proactive lending. 

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My customers’ ‘order to cash’ or Accounts Receivable process is disjointed

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My customers’ ‘order to cash’ or Accounts Receivable process is disjointed

‘Order to cash’ covers everything from the moment goods or services are ordered, right through to when a payment is received, matched and reconciled. For many businesses, this process happens across multiple applications and requires significant manual administration. But all they really want is to make that whole workflow seamless.   

The solution: BankiFi enables the entire ‘order to cash’ process to happen from within your own digital channel, embedding your bank within your customers’ workflow. We automate the invoice being issued, the payment being taken, as well as matching and reconciliation. Not only does the payment processing provide an additional revenue line for the bank, this process builds a profile of each customer to support proactive lending. 

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My customers’ ‘procure to pay’ or Accounts Payable process is fragmented

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My customers’ ‘procure to pay’ or Accounts Payable process is fragmented

‘Procure to pay’ is a business workflow that starts with the business ordering and purchasing goods or services, and ends with payment for them. This process is often fragmented, forgotten and manual - causing much administrative burden. From the business’s perspective, they just want the end-to-end experience to be seamless.  

The solution: With BankiFi, the entire ‘procure to pay’ process is embedded within the bank’s digital channel, including reminders for when payments are due and automated matching and reconciliation without the need for manual re-key. You can also see the time it takes the SME to pay - providing crucial data to drive proactive lending. 

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My customers complain online accounting packages are too complex and too expensive for their needs

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My customers complain online accounting packages are too complex and too expensive for their needs

Bookkeeping is a business workflow that starts with issuing or receiving an invoice and includes receiving and making payments, categorising the sales and expenses, paying taxes and culminates in seeing the profit or loss for a given period. This process is often alien and handed over to an accountant at considerable cost. From the business’s perspective, they just want this to be done in a few easy-to-manage steps and the information to be presented in an easy-to-understand format. 

The solution: With BankiFi, bookkeeping and accounting can be made easy by linking to the package of the customer’s choice, or if they don’t yet use one because of complexity or cost you can offer them a simple, easy-to-use white labelled version. This allows them to create, send and input invoices, categorise transactions against a simple chart of accounts, attach receipts, keep track of their tax obligations and look at their profit and loss for a given period. If they later decide to move to another package you can also help them migrate to their new preferred solution. 

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My customers want to do their banking from the channel of their choice, not mine

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My customers want to do their banking from their channel of choice, not mine

For decades banks have built siloed product channels for their customers to do their banking. This disjointed channel strategy is a reflection of a banks organisational structure rather than the customer’s needs. This problem is further amplified in business banking when banks segment a customer by turnover or the number of employees or some other arbitrary measurement. This leads to customers being forced to use channels that don’t fit their needs, register for different channels requiring them to replicate the input of the same data over and over again, and worse still there is no consistency in experience across those channels.

The solutionBankiFi replaces the siloed approach to a banks channel strategy with an API-first approach. Don’t dictate the user experience - instead let them choose whether they access those services from a mobile, a tablet or a desktop, and give them a consistent experience across them all. Our ‘gig to big subscription model helps you to acquire customers at the earliest and cheapest point in their business journey by offering them the right services to opt-in to at the right point in their journey, such that they never need to look elsewhere. Go on their journey with them - some of those ‘gigs may eventually turn out to be bigs’. 

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My sole trader and micro businesses want to use their personal account to run their business

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My sole trader and micro businesses want to use their personal account to run their business

Banks often can’t decide whether their sole traders and micros are retail customer or business customers. They are often described as retail++ as they sometimes behave more like consumers, but other times more like businesses. This often ends up with banks forcing customers to open expensive business accounts to get access to necessary tools and services that are not available with their personal accounts. 

The solution: BankiFi’s solution for sole traders and micro businesses utilises open banking, enabling the customer to choose to link the bank account type of choice, personal or business. The feature rich service means customers that choose to use their personal account can get access to a suite of business services, including invoicing, payments and collections, bookkeeping/accounting and cash forecasting, instead of being forced to open a business account.

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