Monit Introduces New Ways For Banks To Help SMBs
Monit works with predictive intelligence to offer a “high level, holistic” view of the health of a bank’s customers, the release says.
The new features, according to the press release, will provide a complete view of a bank’s aggregated customer profile, built from information from each individual business and including data outside the scope of the bank’s internal view of the customer. The new updates let banks filter and target specific customers for offers based on their current and predictive signals — with privacy maintained.
And Monit will help deliver the “next best action” alerts to banks, which are proactive ways to suggest clients take actions based on changing business situations. The alerts can act as a banker’s “to-do list” for and offer insights on what customers to focus on day to day, the press release says.
A recent survey cited in the press release found that 74 percent of small businesses responding would like to switch banks to get access to predictive finance. And 90 percent would be interested in a “one stop” digital approach allowing for everything to be in the same place.
Steve Dow, CEO and co-founder of Monit and a former business banking executive at Webster Bank, praised the company’s efforts. The 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,” he said in the release.
“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,” he said. “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 also recently debuted a mobile finance platform in September, PYMNTS reports, which works with both a business’s past and future to help offer predictions and suggestions for cash flow.