Data-driven Insights Level the Playing Field for Community Banks and Credit Unions Competing with Mega-Banks
Monit, the award-winning mobile predictive financial platform for small businesses, today announced new features for banks that offer Monit to their small business customers. Using predictive intelligence, Monit offers banks a high-level, holistic overview of the health of their aggregated portfolio of small-business customers, as well as digital tools to better serve those customers.
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“The industry is seeing a clear trend of mega-banks investing heavily in digital services to support their business customers by connecting to accounting and other critical services while layering predictive analytics and guidance,” said Steve Dow, CEO and co-founder of Monit and a former business banking executive at Webster Bank. “The Monit platform enables community banks and credit unions to punch above their weight by leveraging predictive intelligence to give community bankers new insights to understand what their business customers need and when to offer it. With Monit, bankers can be more than just a vendor to their small businesses and get back to being a trusted advisor to their clients. In doing so, banks will realize deeper relationships and boost their bottom line.”
Monit keeps small business owners on top of their finances in a way that accounting software alone cannot. According to a recent survey, 74 percent of small businesses would switch banks to get access to predictive financial tools, and 90 percent want a “one-stop” digital experience pulling everything together in one place, creating a competitive opportunity for banks. Now, in addition to that advantage, Monit’s predictive intelligence offers community banks the data and insights they need to better serve small business customers. Most small businesses have three to five relationships with banks or other financial institutions, creating giant data blind spots for banks who want to understand and help their small business customers.
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Monit’s new bank features help bankers understand, target, and connect with small business customers. First, Monit provides a holistic and complete view of the bank’s aggregated portfolio of customers built from information on each entire business, including data beyond the bank’s internal view of the customer. Second, Monit allows bankers to filter and target customers for bank offers based on specific current and predicted signals about the business, while maintaining privacy. Finally, Monit can deliver to the banker “next-best action” alerts, proactive suggestions on specific clients based on the changing business situation, that can serve as a banker’s to-do list and give bankers insight into which customers to focus on each day.
Eastern Bank is the number one SBA small business lender in the New England region, and began offering Monit to its customers earlier this year. “We see technology as an essential enabler to delivering the highest quality customer experience and increasing the convenience of working with us,” said Ashley Nagle Eknaian, chief digital strategist and head of Eastern Labs at Eastern Bank. “Small business customers tend to continually look for ways to ensure their business is sustainable. Monit’s platform allows us to help them visualize their finances, which can lead to more opportunity to realize their long-term growth plans. It enables us to deepen relationships with our customers, and we see Monit as a real differentiator for us in the market.”
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