The financial sector is currently undergoing a significant business banking solutions transformation, driven by the demands of an increasingly data-driven, digital world. This shift requires businesses and financial institutions to swiftly adapt to remain competitive and thrive.

A dive into recent small business trends underscores the urgency for banks and credit unions to innovate promptly:

• The top reason small business customers switch banks is for “For better/improved banking relationship or business banker”.
• 49% of small businesses want more sophisticated capabilities than what their primary financial institution offers.
• 61% of small businesses want to see their bank or credit union offer more digital tools to manage cash flow.
• Over 65% of small businesses are going beyond their financial institution to meet at least one financial need and require their institution to provide tighter integration with accounting systems and third-party fintech offerings.

Sources: 2022 U.S. Small Business Banking Satisfaction Study, JD Power; 2023 Delivering Value to Small Businesses, Datos Insights

Financial institutions possess a wealth of information on their business account holders, from recurring bill payments and income patterns to cash flow management and business growth trends. Through upSWOT, banks and credit unions have the unique opportunity to leverage this existing data to proactively offer value-added services to small businesses, including short-term loans, bill prepayment options, auto loan payoffs, and more.

Data-Driven Partnership Paves the Way for Financial Success in Business Banking Solutions

The partnership between upSWOT and Alkami emerged in 2023 as a significant milestone, paving a new wave of superior data insights for financial institution relationship managers and their business accounts. upSWOT’s solution brings to the table an extensive suite of embedded finance and business management tools, leveraging core data from financial institutions and over 100 API-enabled business apps commonly used by small and medium-sized businesses (SMBs). With connections to popular accounting, Enterprise Resource Planning (ERP), payroll, e-commerce, Customer Relationship Management (CRM), marketing, and Point-of-Sale (POS) platforms, upSWOT’s premium solution provides financial institutions and business accounts with insights and tools for cash flow forecasting, credit score management, business valuation, online marketing, e-commerce and sales, and carbon footprint assessments to name a few.

This innovative approach encourages businesses to ground their decision-making in the financial insights provided by their financial institution, weaving financial management seamlessly into their day-to-day operations and digital banking.

Shaping the Future Together: Continuing Innovation with Alkami & upSWOT

As the partnership between Alkami and upSWOT progresses, we’re thrilled to enable financial institutions and their business accounts to make smarter decisions and foster financial growth. This collaboration, instrumental in advancing the digital transformation of commercial banking, aims to provide ongoing enhancements to our bank and credit union clients including helping their business accounts understand their financial health, monitor income and expenses, receive timely alerts and reports and access business credit scores. 

We invite you to engage with us in this transformative journey, where together, we continue to lead the charge in redefining business banking solutions, fostering an environment ripe for growth and innovation.

For more information please talk to your Alkami Sales Executive or visit upSWOT’s website. 

We look forward to meeting you at Alkami Co:lab!