How open banking can create business efficiencies
Saving time on day-to-day processes
Challenge >>
Many organisations - from sole traders to multi-nationals - can find themselves trapped in cycles of manual, paper-based activities that consume time, are vulnerable to human error, and which prevent employees from pursuing tasks that generate income and add value.
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Solution >>
Automating many of these tasks can offer huge opportunities to scale. Moreover, the efficiencies leveraged by open banking solutions can be passed on to customers. For example, by integrating open banking payments into their websites or mobile apps, friction within payment processes is reduced, eliminating the need for customers to manually enter their card details.
Streamlined checkout processes not only provide customers with added convenience, but easier and faster purchasing journeys, which can help generate brand loyalty and even increase conversion rates.
But open banking offers efficiencies above and beyond the customer journey. Using open banking tools that offer faster settlement times than traditional payment methods, small businesses can access crucial funds more quickly, reduce the time between making a sale and receiving payment, improving cash flow.
Using open banking tools that offer faster settlement times than traditional payment methods, small businesses can access crucial funds more quickly, reduce the time between making a sale and receiving payment, improving cash flow.
Using open banking APIs to integrate with the accounting and financial management systems used by small businesses offers further efficiencies through automated transaction reconciliations, managing bulk payments and simplified bookkeeping processes. They also help business-owners get more out of their accountancy firms, and in some cases, eliminate the need for external accountancy support altogether.
Using open banking tools and accountancy services allows more time and resources to be focused on key business objectives such as growing sales, expanding into new markets or researching new products.