– Fintech partner enables small business banking customers with smarter digital payment acceptance
– Embedding fintech arms bank in fight against challengers
Autobooks, a product suite for small business banking, announced that Liberty Bank, one of the largest mutual banks in the country, has chosen the Detroit-based fintech’s small business platform to embed in its digital banking platform.
A new report from CI&T reveals that while small business banking clients have high trust in their financial institutions, they also have high expectations for technology capabilities and awareness of external options for platforms that aim to make their lives easier.
The Liberty Bank team recognizes their digital offerings must keep pace with third-party payment processors like Stripe, Square and other challenger fintechs. Autobooks has a proven track record of helping banks and credit unions improve their small business product mix to better serve these critical customers and cement long-term relationships.
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“We’re now competing not only with megabanks, but with PayPal, Square, all these challenger fintechs,” said David Mitchell, EVP, general manager and chief digital officer of Liberty Bank. “Innovative partners like Autobooks are essential to thwarting their attacks and keeping our small business customers satisfied. We can quickly and seamlessly add features like industry-leading digital payment acceptance into our banking channels to meet and exceed customer expectations.”
Liberty Bank engaged Autobooks as a third party solution through the Alkami Platform, a complete digital solution for financial institutions that facilitates both retail and business user onboarding, engagement, and account servicing.
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“We recognize the strategic importance of embracing the best of fintech innovation and bringing the right partners into the Alkami platform,” said Stephen Bohanon, Chief Strategy and Sales Officer at Alkami. “Autobooks has been a fantastic partner in the critical small business sector, and we look forward to continuing our work together as we enable Liberty Bank to deliver competitive and compelling solutions to their business customers.”
Small businesses account for nearly 44% of the economic activity in the United States, but have unique needs that aren’t served with out-of-the-box business checking accounts. By embedding friendly fintech, financial institutions can increase their core competencies and integrate their channels and services into the daily operations of their small business customers, effectively locking in those relationships.
“Liberty Bank is a forward-thinking institution that’s constantly looking for ways to deliver more value to their customers. It’s satisfying to partner with such a progressive bank,” said Steve Robert, CEO of Autobooks. “They understand that their small businesses deserve industry-leading technology to compete in a digital-first marketplace. We’re thrilled that they’ve chosen Autobooks to enhance their platform with digital banking, payment acceptance, and small business ledgering solutions.”
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