Open Banking gives software vendors an edge and a break
Consider for a moment an entrepreneur who is building an accounting solution. Like anyone else looking to make a splash, their goal is the eventual widespread use of their product. To achieve this, the product must stand out from the rest.
Until recently, even some of the most common financial and HR tools relied on inputs from manual processes, much like in banking. Not surprisingly, this proved to be a hindrance to further adoption, much like in banking. Before Open Banking, inefficiencies were rife. In general, this led to late payments to suppliers and a lack of vision for payment trends, which then led to difficulty in offering better services.
But specifically, the problems went deeper than simple inefficiencies. This included:
- Unnecessarily complex bank reconciliation as a result of multiple file exchanges
- Subsequent excessive bank fees from banks associated with operations
- Inaccurate decision-making from a lack of a complete view of accounts
The costs associated with the above inefficiencies and reconciliation issues remained a barrier to scaling several businesses. However, today, Open Banking is turning the tide in favor of accuracy and efficiency.
Automated processes are essential to efficiency. Open banking can automate several flows of information to and from the bank. This eliminates the need for manual uploads and reduces errors. This also saves time and improves overall customer satisfaction.
In addition, information management depends on having a holistic view of financial transactions. By aggregating data from multiple bank accounts and other financial products, accounting software can offer better insights and advice to customers along with new features such as budgeting, cash flow forecasting, and tax planning.
The superpower of Powens
Software vendors can create efficient accounting and payment experiences with Real-time bank reconciliation and automated payments.
Automate bank reconciliation
Automate bookkeeping, pre-accounting, and reconciliation. Collect data at the source to save time and reduce errors with no need to rely on legacy data exchange or manual downloads.
A one-point solution for payments and cash collection
We empower software solutions to take the driver’s seat by processing payments directly.
- Automate payment flows for suppliers and salaries alike.
- Always know your true cash position and enable more effective cash flow management and forecasting thanks to accurate, up-to-the-minute transactions.
- “Bypass the Bank” for faster and cheaper payments
What will this do for your business? Several things. This will increase your revenue and improve your customer loyalty. Sell new modules to increase Xsell opportunities to increase your average deal size, and improve customer stickiness by offering extended functional coverage. Differentiate yourself from the competition by entering the payment arena and getting the job done!
Check out these posts from Powens partners to get a better idea of how we revolutionize software solutions!
Don’t miss out
Now’s your chance to benefit from Open Banking. Contact us today and one of our specialists will be in touch shortly. It’s never too late to start the journey to better customer service and innovative payment solutions for your business.