9Spokes, a data platform that specializes in integrating and aggregating business and financial data, today announced the launch of its multi-bank feature, a significant advancement in financial transparency and access for small and medium-sized businesses (SMBs). This new feature provides SMBs with a consolidated view of their financial accounts across multiple institutions and service providers, aligning with the global movement towards open banking and open data.
With over 45% of SMBs managing their finances through multiple financial providers, the necessity for seamless access to broad financial data is crucial. The multi-bank view by 9Spokes addresses this challenge by giving SMBs, which make up over 90% of businesses in the US and UK, an integrated snapshot of their financial landscape.
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“Understanding the complete financial picture of SMB customers can be a significant challenge,” said Kevin Phalen, Executive Chairman at 9Spokes. “Our multi-bank view harnesses the power of open data to provide a holistic view of financial statuses, empowering businesses and financial providers alike with the information needed to make informed decisions.”
This feature is poised to change how financial services are provided to SMBs, offering benefits that include:
- Enhanced Customer Insight: Provides a deeper understanding of SMBs’ financial needs by consolidating financial data from multiple sources.
- Personalized Services: Allows for the delivery of customized financial products and advice tailored to each customer’s unique financial situation.
- Increased Efficiency: Streamlines the data collection and analysis process, freeing up resources for innovation and improved service delivery.
This feature not only simplifies financial management for SMBs but also enhances the abilities of financial institutions and fintech companies to perform more effective risk assessments and customize their offerings accordingly.
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