News and Events
BFM and Engager: Driving a Better Banking Experience for SMEs
Strands’ Solutions Consultant for APAC, Bavani Meganathan, demoed our Business Financial Management coupled with our Engager solution in the Finovate Asia event
During the Finovate Asia event, which discussed the insights and solutions driving the future of Asian fintech, Strands’ Solutions Consultant for APAC, Bavani Meganathan, was one of the experts representing Strands and demoing our cutting edge products.
With over 90% of SME banking customers feeling that they are not being treated fairly by their bank, Bavani wanted to demonstrate how Strands can help banks to empower SME’s to manage their cash flow, account receivables & payables while having opportunities to engage and provide next best offers, with our Business Financial Management (BFM) coupled with our Engager solution.
In the video Bavani presents an example case where we can see John’s dashboard, a SME banking customer. This is a holistic view of all his accounts with Strands OpenHub, which fetches all his data from an open banking aggregator into BFM, in which we can see daily balances as well as projected balances in the future. She also gave an overview of some benefits this solution brings to banks and customers.
Data table
| Benefits for the BFM+Engager User | Benefits for the Bank |
|---|---|
| Easy and fast adoption | Higher retention and engagement |
| Past and forecast flow monitoring | Boosting cross-selling capabilities |
| A holistic view of their finances | Dataset enrichment |
| Improved financial education | Increased acquisition |
| Saving time and gaining independence | Customer satisfaction: engagement and loyalty |
You can watch the demo in full here:
Watch video
Dealing with multiple systems is not only time consuming and prone to human error, with BFM John can manage his account receivables, payables, and integrate to his 3rd party invoicing solutions as shown in the video above. Furthermore, we can see the ease in creating and sharing invoices and bills, as well as categorizing them in terms of overdue, pending and paid.
Strands’ software has been implemented in more than 700 financial institutions in 30 countries, as one of the world’s largest providers of innovative banking solutions.
