• November 23, 2020

Monit Adds Features to Help Banks Foster Deeper Relationships with Business Customers

Monit, providers of a mobile predictive financial platform for small businesses, today announced new features for banks that offer Monit to their small business customers. Using predictive intelligence, Monit offers banks a high-level, holistic overview of the health of their aggregated portfolio of small-business customers, as well as digital tools to better serve those customers.

"The industry is seeing a clear trend of mega-banks investing heavily in digital services to support their business customers by connecting to accounting and other critical services while layering predictive analytics and guidance," said Steve Dow, CEO and co-founder of Monit, in a statement. "The Monit platform enables community banks and credit unions to punch above their weight by leveraging predictive intelligence to give community bankers new insights to understand what their business customers need and when to offer it. With Monit, bankers can be more than just a vendor to their small businesses and get back to being a trusted advisor to their clients. In doing so, banks will realize deeper relationships and boost their bottom lines."

Monit's new bank features provide a holistic and complete view of banks' aggregated portfolio of customers built from information on each business, including data beyond the bank's internal view of the customer. Second, Monit allows bankers to filter and target customers for bank offers based on specific current and predicted signals about the business, while maintaining privacy. Finally, Monit can deliver to the banker next-best action alerts and proactive suggestions on specific clients based on changing business situations.

Eastern Bank began offering Monit to its customers earlier this year.

"We see technology as an essential enabler to delivering the highest-quality customer experience and increasing the convenience of working with us," said Ashley Nagle Eknaian, chief digital strategist and head of Eastern Labs at Eastern Bank, in a statement. "Small business customers tend to continually look for ways to ensure their business is sustainable. Monit's platform allows us to help them visualize their finances, which can lead to more opportunity to realize their long-term growth plans. It enables us to deepen relationships with our customers, and we see Monit as a real differentiator for us in the market."

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