Banks as tech providers for SMB clients

Small business owners are looking to banks to provide data, tools and analytics to help them make more informed financial decisions. “Business owners need better tools to make better financial decisions, understand their finances and where their finances are going,” fintech Monit Chief Executive and founder Steve Dow tells Bank Automation News on this episode of “The Buzz” podcast.  Banks of every size must be equipped with the right tools and data to serve small business customers effectively, he says.  While major FIs, like $4 trillion Chase for example, are building proprietary technology like Chase Customer Insights to serve their SMB clients, smaller FIs also can compete by looking to fintech providers for the tools their SMBs are seeking, Dow said.  Boston, Mass.-based Monit, founded in 2019, provides financial institutions with cash flow analysis, forecasting, industry benchmarking and other insights that can be tapped by small businesses as demand for these solutions grows, Dow says. The tech provider has raised $14.3 million in funding, according to Crunchbase. The tech offers integrations with banking platforms including Q2, Apiture, Banno and Narmi.