Customers benefit in two ways from this data-driven approach. On the one hand, the BFM offers powerful tools that are precisely tailored to SMEs. In the cockpit, they have their cash flow under control at all times and can utilise relevant features to ensure smart liquidity planning. Situation-specific warnings, recommendations and tips are automatically imported. The basis for this is the AI-driven evaluation of account information by the Contovista Enrichment Engine, whose algorithms ensure precise and automatic categorisation of transactions.
On the other hand, the advantages of the BFM are further enhanced by multibanking. This means that data from all accounts at other institutions can be viewed at any time. Of course, this information is also included in the BFM analytics, e.g. in liquidity planning, making it even more meaningful. Customers no longer have to go through the hassle of logging into other banks, but have a convenient digital one-stop shop for all their financial needs – including a user-friendly interface. The result? Measurable time savings that allow busy business people to focus even more on their real core competence – their business.
However, multibanking with the BFM also offers decisive advantages for financial institutions. They position themselves with SMEs as a digitally oriented, competent business partner that can offer tailored, customer-centric services. This way, they protect the customer interface from competitors while boosting customer loyalty. From a financial perspective, this is not only worthwhile because of the account fees; the expanded data basis also enables providers to cross-sell additional services (loans, partnerships, insurance etc.) in a targeted manner. Since they are presented in exactly the right way, their relevance for customers and their willingness to sign up increases.