9Spokes

61% of small and micro businesses that use financing for cash flow management are very likely to seek a cash advance from a trusted embedded lending provider within the next year. Yet, fewer than 1 in 5 businesses utilized embedded lending last year. 🔍 Visa's recently published report provides valuable insights into how embedded lending supports business growth and cash flow stability. Key findings include: – Data Sharing Comfort: Almost half of microbusinesses and small businesses feel very comfortable sharing financial data in real time for credit evaluations. This comfort level soars to 73% among those who have previously used embedded lending. – Credit Usage for Growth: 32% of microbusinesses used credit for growth and investment, highlighting a significant opportunity for embedded lending to support business expansion. These insights underscore a vital trend: familiarity enhances trust and confidence. Financial organizations must focus on raising awareness and building familiarity with embedded lending solutions to meet the evolving needs of SMBs. At 9Spokes, we are committed to empowering financial organizations with the tools and insights necessary to support the SMB segment. By harnessing the power of embedded lending, we can drive sustainable growth and stability for these essential businesses. #EmbeddedLending #FinancialServices #SMB #Fintech #CashFlow

Open data is becoming essential for financial services. Financial organizations leveraging open data can boost customer insights by 45%, leading to smarter decisions. For SMBs, open data translates into better financial products and personalized services. The global open data market is projected to hit $80 billion by 2027, highlighting its increasing significance in the financial services industry. Utilizing open data allows organizations to enhance efficiencies and drive growth for financial organizations, including strengthening risk management and streamlining customer onboarding. At 9Spokes, we delve into the tangible impact of open data on the financial sector. Our latest blog offers an in-depth look at how financial organizations and SMBs are harnessing open data to unlock new opportunities:  https://lnkd.in/gr-DUNqU #opendata #fintech #financialservices #smbs #openfinance #riskmanagement #customerinsights

I had a great time last week at the MoneyNext Banking Transformation Summit. Some excellent speakers and panels, but a personal favourite was Simon Taylor’s view on the State of Banking and the Future of Fintech. A strong message delivered with the right mix of humour and blunt honesty. Some of the memes included in the presentation were brilliantly on-point. As always, it was so good to see both current and potential future clients of 9Spokes over the two days. With several panels and keynotes speaking about the importance of enhancing SME banking services & customer journeys, how partnerships unlock vast value, and how the effective use of data is one of the single biggest opportunities to growth - its nice to be at the centre of the solution to these challenges with a capability that works so well! We have some very exciting news to share soon on how we continue to grow and develop as the key partner for Banks and Fintechs looking to enhance their SME service.

📊 A recent report from Citizens Bank uncovers a powerful link between detailed financial insights and superior business performance among SMBs. Key statistics include: • 70% of high-growth companies utilize advanced financial insights to guide strategic decisions. • Companies harnessing these insights are 1.5 times more likely to outperform their competitors. • SMBs prioritizing financial data analysis achieve 20% higher revenue growth on average. These findings underscore the vital role that financial institutions and fintechs play in providing SMBs with the tools and insights they need to thrive. By equipping your SMB customers with comprehensive financial insights and cashflow tools, you can help them make informed decisions, optimize cash flow, and drive sustainable growth. Read the full report here: https://lnkd.in/e32fAuyM #financialinstitutions #fintech #financialinsights #opendata #openbanking #cashflowtools

Banks and fintechs are seizing opportunities to empower SMB customers with advanced transaction management technologies. This latest PYMNTS Intelligence report highlights how innovations like automated reconciliation and cash flow forecasting are transforming corporate treasury workflows. Today’s treasurers are encouraged to act swiftly and offer insights, as noted by Jim Scurlock of Expedia. J.P. Morgan Payments exemplifies this shift, providing value-added services beyond traditional money movement. With interest rates high and global expansion, strategic cash flow management for SMBs is crucial. Banking partners should be helping businesses navigate regulatory complexities and streamline cash activities. Recent earnings reports from Goldman Sachs and Citigroup show robust growth in their treasury and trade solutions, underscoring the demand for these services. By leveraging open banking technologies, financial organizations can enhance operations, boost revenue streams, and strengthen client relationships. Read more here: https://lnkd.in/eb4G6ZWF #fintech #banking #smb #cashflow #openbanking

We're thrilled to announce our strategic partnership with Akoya! 🎉 This collaboration significantly broadens the financial insights available to our clients and their SMB customers via the 9Spokes platform. By connecting with Akoya’s secure data network, we now offer enriched financial insights from over 800+ leading banks worldwide. 🌐 🔗 Learn more about how this collaboration will revolutionize data connectivity for financial service providers: https://lnkd.in/gTBK_NVd #Fintech #OpenBanking #FinancialInsights #FinancialInstitutions #SMB #FinancialData #BusinessGrowth

📊 As we navigate the Zettabyte Era, with daily data production now measured in staggering 329 million terabytes, the financial services industry is facing unprecedented opportunities to enhance customer experiences. Citi’s Chief Digital Officer, Michael Naggar, exemplifies this shift, leveraging vast data insights to tailor digital services that increasingly meet consumer needs. Under Naggar's leadership, Citi has seen active digital users climb to 25 million, driven by innovative solutions like the redesigned Android platform and seamless, end-to-end mobile experiences. His strategy of connecting data with customer interactions has been pivotal, enabling personalized services that predict and fulfill customer requirements before they even arise. This data-driven approach is setting new standards in customer satisfaction and engagement, underscoring the vital role of digital transformation in today’s business landscape. How is your organization harnessing data to redefine customer experiences? #customerexperience #digitaltransformation #opendata #financialservices #openbanking

👉 ICYMI: 9Spokes Launched Multi-Bank View! Last week we announced the launch of our multi-bank view that gives fintechs and financial institutions the ability to deliver more robust insights to their SMBs. This feature provides the SMB with a consolidated view of their deposit accounts across different financial providers, enhancing customer insights and increasing efficiency. Our Executive Chairman, Kevin Phalen, highlighted the importance of this rollout, stating, "Our multi-bank view harnesses the power of open data to provide a holistic view of financial statuses, empowering businesses with the information needed to make informed decisions." Read the release to learn more. 👇 #financialservices #customerexperience #financialmanagement

We’re excited to announce the launch of our new feature, multi-bank view, a game-changer for financial institutions and fintechs aiming to enhance services to their SMB customers. This feature provides gives the SMB user the ability to connect multiple deposit accounts across various banks and providers, promoting financial transparency and enabling personalized financial solutions. Why is this important? Over 40% of SMBs manage their finances through multiple banks. Our multi-bank view tackles this by offering a unified financial snapshot for SMBs, as well as empowers FIs and fintechs to deliver more tailored financial planning and products to their customers. Read the release here: https://lnkd.in/ghqjM9Qm #openbanking #opendata #transparency #embeddedfinancesolutions #financialservices

Banks and Fintechs are capitalizing on the transformative potential of Open Banking, BaaS, and Embedded Finance. With 75% of banks confirming a strategic investment in these areas, and 60% already seeing commercial returns, according to Celent analyst Kieran Hines, the shift from theory to practice is evident. This investment trend underscores a growing ecosystem where enhanced data sharing, transparency, and collaboration foster innovation, opening up new avenues for consumer-centric financial services. Read more about the anticipated 2024 global trends across open finance and embedded finance in the Paypers' recently released report. #openbanking #openfinance #opendata #financialservices #transparency