Suddenly a lot of credit union CEO eyes are turned to small business as the financial institutions hunt for ways to bring in profitable business.
And credit unions – many of which have been especially active in PPP lending – are finding that small business is receptive to their overture. The money center banks often are indifferent to small businesses and community banks often lag in the tech tools small businesses want in a financial institution.
Monit, a new cashflow management app for small businesses, just may be the tool that helps bring in more small business members.
Monit is not in any app stores, it is only available to members and customers of financial institutions that are Monit customers, said Steve Dow, Monit CEO. The Monit app is customized to resemble the credit union’s.
Dow added that Bank of America lately has made much of its Cash Flow Monitor for small business – but Monit puts a similar tool set in the hands of small business users at credit unions and community banks.
What Monit does is monitor key financial numbers for the small business and it also forecasts cashflow.
For the credit union, additional tools are offered. For instance, a credit union can see exactly what share of wallet it has of small business members. Note: that data is anonymized except for small businesses that explicitly opt to disclose their data.
Monit will also help a credit union find targeted lending opportunities so that more efficient and effective offers can be made.
How Monit works is that it ties into the accounting software used by the member – often Quickbooks. Monit does not require integration into the credit union’s core.
In the podcast Dow explained the benefits for both the small business and the credit union with Monit.
He also talked at length about Monit’s PPP related tools which will prove newly useful in the fresh wave of PPP lending.
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