Outstanding Performance > Best New Product
Our nation’s 30.2 million small businesses and 28 million independent workers need better small business banking tools. Traditionally, they’ve used less efficient ways of getting paid by cash or check or turn to non-bank solutions such as Square, PayPal or QuickBooks for back-office services. They are pressed for time and aren’t always equipped to find a singular product bundle to manage their business back office and finances. And, with 82% reporting lack of cash flow as the main reason to close their businesses, they needed an easier, faster way to get paid directly into their existing bank account.
In response, Autobooks launched to help financial institutions provide the all-in-one solution to meet this demand and win back business relationships. Powered by Microsoft Azure, Autobooks lowers the cost of innovation for financial institutions. Autobooks integrates directly within their existing digital banking channels, making it much easier for small businesses to discover and adopt. As a result, Autobooks has improved user engagement for its financial institutions by capturing more than 30 logins per month per SMB, an increase of 40% within their digital channel. Autobooks is also helping institutions reach an average of 5% adoption within 12 months of launch. By making it easy to adopt and use, financial institutions are seeing businesses that engage with Autobooks increase deposits by an average of 18%, largely because they are getting paid faster and their payments are not being held by third parties.
Offering small businesses an easier way to receive and collect payments can help institutions drive new account openings, increase deposits from current SMB clients, identify new areas for growth and expand current banking relationships, and capture additional fee income. Three of the company’s early adopters have collectively accrued more than 8 million in receivables in their first year in the market.