Empowering Banks with Connected Banking Services

Digital transformation is a necessity for the financial sector where every corner is undergoing a specific change. With connected banking at the core, businesses are reshaping their financial activities to bring in a controlled cash flow and improve their financial health.

This is possible because it enables fintech platforms to combine with banking services and offer a seamless, interconnected experience to businesses. Hylobiz serves bank customers with several financial services through a single automated receivables platform.

Let’s explore Hylobiz’s partnerships with financial institutions (FIs).

What is connected banking?

It is a technical approach to seamlessly integrates various financial services and products together into a unified digital ecosystem.  This provides customers with enriched personalized banking experience.

Moreover, it leverages technology to develop an efficient banking environment with enhanced user experience, advanced security measures and real-time data analytics often involving partnerships between financial institutions and fintech companies.

How to integrate connected banking services?

Financial institutions can integrate connected banking services by partnering with fintech companies. Hylobiz’s partnership with FIs can be carried out easily to bring in benefits for both banks and their customers.

We help banks serve customers with digital invoicing, automated payment reminders, real-time collections, end-to-end inventory management, data insights for enriched banking, and many more.

Exclusive Features of Hylobiz

The unified platform serves banks and customers in numerous ways:

• Comprehensive Financial Suite: Hylobiz helps businesses manage invoices, and real-time collections, automate reconciliation, send payment reminders, and digital receipts, record online/offline transactions and many more.
• Intuitive and Personalized Experience: The all-in-one platform is user-friendly and aims to provide a flawless and personalized experience to meet the requirements of bank customers’ financial needs.
• Bank-Grade Security: We prioritize data security to safeguard all essential data and documents and ensure that all activities comply with the regulations set across.
• Real-Time Insights: Hylobiz empowers businesses with real-time data analytics, business dashboard and reports for informed financial decision-making.

Benefits for Banks and Customers

Hylobiz offers a list of benefits for both banks and their customers. Make a note of the below:

What are the key benefits for consumers?

The benefits for Bank customers are:

• ERP connect: Hylobiz comes globally pre-integrated with all commonly used ERPs (c.20+) and has APIs available to connect with businesses of all sizes. Its plug-and-play for SMEs and allows even bespoke integrations.
• Invoice management: Businesses can automate and digitize invoices and its sharing along with other source documents within their distribution network, manage invoice disputes, and auto-reconcile invoices.
• Collections and Reminders: SMEs and Corporates can send payment reminders via WhatsApp / SMS / Email with customized messages and frequency; generate integrated payment links of the bank for digital collections; and record online / offline (cash, cheque) collections on a real-time basis.
• Payables: Hylobiz allows bank customers to manage vendor/utility/salary payouts and manage the entire procure-to-pay cycle.
• Others: Real time business dashboard with omni-channel collections and payables; APIs for connecting with E-commerce; launch digital store from stock; end-to-end inventory management between dealer and distributor.

Key Benefits for Banks

• Omni channel collections and payables dashboard: A dashboard to track all online/offline collections and payables on business data from ledger books, networks, e-commerce and bank portals (increase CA float).
• New customer acquisition and customer engagement: Access to client network, real-time collections, invoice data, distribution network.
• Value-added banking services: Invoice management, Digital collections, Inventory Management; Workflow automation; AR / AP automation linked to bank account with open banking and API.
• Embedded financing: Hylobiz can generate business scores as per bank requirements from all data points with real-time view to enable embedded financing and commercial card offerings to businesses of all sizes.

How do connected banking services improve financial institutions?

It helps financial institutions stay competitive, unravel complexities, and adapt to the technological advancements in the financial world to offer products/services as per customers’ changing needs and bring growth.

• Enhanced customer experience: FIs can offer convenient digital banking experience. This improves customer loyalty and boosts their satisfaction.
• Increasing accuracy and operational efficiency: Automated and digitized workflows, access to real-time data, and streamlined processes help businesses reduce administrative costs and improve operational efficiency.
• Expanding products/services: Bank partnerships with fintech companies allow them to offer tailored financial services to the customers.
• Reduce errors and improving risk management: Advanced analytics and data-driven insights can help financial institutions better manage risk and detect fraud.

What are the future trends and expectations?

In today’s customer-focused world, complex privacy policies, security risks, and limited features can deter customers. It aims to address these issues by linking banks, their customers, and financial institutions, to create a more seamless and secure experience.

• Hyper-personalization: Fintechs will continue to leverage AI and data analytics to deliver highly tailored financial experiences.
• Enhanced security: Expect even more robust security measures to protect customer data.
• Integration with IoT: Fintechs may explore integrating with IoT devices for seamless financial management.
• Voice-activated banking: Voice-controlled banking services will become more prevalent, making transactions even easier.

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Frequently Asked Questions