5 Ways to Improve Business Efficiency via Fintech Bank Partnerships

Going along the digital way is the new trend. Be it businesses or banks, the dependency on technology is growing each day. The improvement is massive as we see industries scaling up with adaptation to modern technology and automation.

Businesses are looking for streamlined operations, real-time insights, and effortless financial management. On the other hand, banks are coming up with intelligent solutions to help businesses drive immense growth and make informed decisions.

So, the question that hovers here is – how are banks getting smarter and digitally proficient to help businesses save time and money? How are banks developing tailored products for businesses to gain real-time financial control?

All of these turned out to be real because of the fintech bank partnerships. Our B2B collections platform Hylobiz is built on a robust, microservice-driven architecture that enables businesses to effortlessly issue, reconcile, and collect payments across diverse channels.

The solution bridges the gap between financial institutions and businesses of all sizes to help them simplify collections, improve cash flow, reduce daily sales outstanding, gain real-time insights, and achieve 100% automated reconciliation.

Why is there a need for FinTechs and Banks to Collaborate?

The need for collaboration stems from a convergence of capabilities and market demands:

• Technology Gap: Banks provide trust, scale, and regulatory expertise. Simultaneously, fintechs, such as, Hylobiz provide cutting-edge, agile technology required for specific functions like automated reconciliation, multi-channel payment reminders.
• Customer Demand: Businesses demand real-time financial control and a simplified banking experience. Thus, banks need fintechs to rapidly deploy these modern digital offerings.
• Scale and Reach: At one end, fintechs need the massive customer base and regulatory trust of banks to scale their solutions widely. Again, banks need fintechs to provide a wider range of value-added services (like embedded financing) to attract and retain corporate clients.
• Mutual Growth: Collaboration is the only way for banks to significantly boost fee income, CASA floats, and data insights, while simultaneously giving businesses the tools to accelerate their own growth and efficiency.

How Can Businesses Undergo Transformation via Fintech Bank Partnerships?

Inefficient financial processes are the biggest drag on growth. Through fintech bank partnerships, businesses gain instant command over their working capital.

• Cash Flow and Predictability:

1. Bank customers (SMEs and corporates) benefit from simplified collections and payouts leading to improved cash flow predictability. 
2. Daily Sales Outstanding (DSO) can be reduced by up to 40% with Hylobiz’s Automated Reminders rule engine and support for multi-mode Digital Collections.

• Real-time Visibility & Control:

1. Fintech platforms are helping businesses to gather data that is left fragmented and scattered across sources.
2. Businesses gain immediate, actionable visibility into their financial health, outstanding amounts, and payment statuses through intuitive dashboards.
3. The leaders can make proactive and informed decisions based on business reports and analytics.
4. The bank, in turn, gains enhanced data insights and risk management by accessing enriched data on client trade ledgers, invoices, and payment patterns, enabling precise risk assessment.

• Operational Efficiency with Zero Disruption: 

1. Hylobiz enables seamless integration for businesses with zero process change.
2. The platform connects deeply with pre-existing accounting platforms and over 20 leading ERP systems (including Tally, QuickBooks, Zoho).
3. This ERP Connect allows businesses to effortlessly import invoices and automate reminders without changing their current workflow.
4. Furthermore, the bank achieves operational efficiency and reconciliation optimization through Hylobiz’s 100% automated reconciliation capabilities across all transaction types.

• Access Essential Value-Added Services:

1. A modern bank partnership is about more than just transactions; it’s about providing an entire ecosystem of support.
2. Through their banking partner, businesses can easily access trade financing and compliance solutions (like e-invoicing) directly through their bank.
3. The business receives immediate access to integrated working capital and trade automation.
4. The bank gains robust opportunities for cross-selling various other products, including corporate credit cards and investment offerings.

• Bank-grade Security: 

1. Hylobiz provides a highly scalable and secure infrastructure, offering bank-grade security and ensuring zero downtime for mission-critical operations.
2. In the long run, businesses are always leveraging a solution built for robustness, supported by a partner committed to reliability, fostering a stronger, more value-driven relationship.

Join Hands with Hylobiz to Grab Benefits in One Go

A partnership with Hylobiz is a strategic decision to step into an era where banking relationships are fortified by real-time intelligence, seamless operations, and unparalleled efficiency.

This synergy creates an ecosystem where complexities dissolve, collections are automated, cash flow optimizes itself, and real-time data empowers every decision. For businesses, it’s the foundation for accelerated growth, unprecedented control, and the freedom to innovate without financial friction.

The future of finance is connected, and the opportunity to lead is now. Seize it. Partner with Hylobiz and unlock your unparalleled potential. Book a demo with our experts today!