Autobooks - Your New BFF (Best FinTech Friend)
Looking back nearly two decades ago, banks and FinTechs didn’t see eye-to-eye on the future needs of banking customers. Now, banks embrace technology and look to FinTechs for innovative products that keep them competitive and relevant. A recent survey found approximately 36% of small businesses would change banks to get business tools their current financial institution didn’t offer.
The Business Lifecycle Challenge
Most businesses use a combination of software programs to perform daily operations from invoicing and accepting payments to bookkeeping and payroll. Not to mention other financial reporting and tax prep software used occasionally throughout the year. If these programs aren’t integrated with each other, this requires business owners to login to separate platforms each time they need to perform a function. How is that time conscious? How can they grow their business if they’re bogged down with tedious administrative tasks?
Banks, meet Autobooks, your new best FinTech friend. Autobooks is the first fully integrated payment and accounting software for small businesses delivered exclusively through your online banking platform. It simplifies the business lifecycle by providing a single, consolidated tool for receivables, payables, and accounting. Log in just once, and get twice as much accomplished.
How will your bank and your commercial customers benefit from this all-in-one banking and bookkeeping platform?
1) Product Differentiator
By offering a turnkey bundled solution, you make it simple for your customers to:
- Access real-time automated accounting tools
- Provide easy-to-use invoicing
- Offer multiple payment options in a PCI-compliant environment
- Reconcile accounts easier and faster
- Accelerate growth and speed up cash flow
2) “Sticky” Solution
Autobooks can be white-labeled to mirror your bank’s look and feel. The deep integration with your online banking platform makes the solution “sticky” once it is deployed. Your customers are less likely to leave your financial institution if they manage their business through the bank’s online platform.
3) Deeper Understanding of Your Customers
Being fully automated with your bank’s treasury management services, you now have a snapshot of your customers’ business activity and financial health. This insight can help with lending needs and upselling products your customers may find valuable like payment processing or credit cards.
4) Creates Non-Interest Income
If a business uses many platforms for day-to-day operations, that’s less money for your bank. With a single, consolidated tool, your institution will be able to take more share of the financial wallet. On the flip-side, approximately 80% of SMBs aren’t using any accounting software at all. Having the tools already integrated with your online banking portal is a simple way to gain that market share. Additionally, with integrated payment processing and reporting, you’ll drive more merchant account boarding, ultimately increasing your bank’s revenue stream.
BluePay is proud to work with Autobooks to help our financial institution partners build strong portfolios and lucrative residuals. If you’re interested in learning how Autobooks can work with your bank, contact us at firstname.lastname@example.org or (844)768-1292.