Business banking platforms don’t have to be complicated and disjointed. And big banks, FinTechs and neobanks alike are all showing users that there are alternatives that are more feature-rich, usable and beautiful.

“That’s why we have been building out this business banking platform,” Michael Duncan, CEO at Bankjoy, told PYMNTS. “Now that we’ve nailed the retail consumer side, we have added this layer of value with business features on top of that platform.”

Bankjoy, a FinTech that develops banking application programming interfaces (APIs), has launched a product that lets community banks and credit unions (CUs) offer customers a platform with all the tools and controls they need to run their businesses efficiently.

Creating Loyalty and Stickiness Among Businesses

The platform makes it simpler for businesses to wire money and add new users with different permissions to an account.

“It’s a more advanced product; there are more features built into it,” Duncan noted. “It gives a community bank or credit union the ability to go into their communities and to create loyalty and stickiness among the businesses operating there.”

Expanding Relationships

The opportunities are out there for smaller financial institutions to gain more business customers, Duncan said. For one thing, it’s never been easier to start a business. In addition, banks and credit unions may move into new areas. For instance, they may start doing business lending if auto lending has slowed down due to the shortage of vehicles during the pandemic.

“Once you have that loan in place, you have to think about how to expand that relationship, and that’s where the business banking product comes into play,” Duncan explained. “Now you give them deposit accounts, payment controls, user controls and other advanced business features, and then you’re creating stickiness and loyalty.”

Taking on invoicing and payroll also creates an opportunity for banks and credit unions to add value, he said.

Delivering the Experience Users Expect

These capabilities should also be delivered with the user experience in mind, Duncan said. Consumers have gotten used to the simple, beautiful experiences offered by companies like Uber and DoorDash, and they have integrated those into their lives.

“That’s what businesses expect now: that they’re going to get these kinds of services and that’s what technology looks like,” Duncan said. “They’re going to compare your business banking to these other experiences they use day to day.”

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NEW PYMNTS DATA: AUTHENTICATING IDENTITIES IN THE DIGITAL ECONOMY – DECEMBER 2021

About:More than half of U.S. consumers think biometric authentication methods are faster, more convenient and more trustworthy than passwords or PINs — so why are less than 10% using them? PYMNTS, in collaboration with Mitek, surveyed more than 2,200 consumers to better define this perception versus use gap and identify ways businesses can boost usage.