9Spokes taps open banking to introduce multi-bank view image credit: shutterstock

Data platform, 9Spokes, has launched its multi-bank feature, to advance financial transparency and access for small and medium-sized businesses (SMBs). The new feature provides SMBs with a consolidated view of their financial accounts across multiple institutions and service providers. In the process it aligns with the global movement towards open banking and open data. According to 9Spokes, over 45% of SMBs manage their finances through multiple financial providers. It says the necessity for seamless access to broad financial data is crucial. The multi-bank view released by 9Spokes addresses this challenge. It does so by giving SMBs an integrated snapshot of their financial landscape.

9Spokes’ global data platform supports financial institutions and fintech firms worldwide. By aggregating consented business data from a variety of sources, 9Spokes helps businesses harness powerful tools for better financial management and strategic decision-making, driving transformation within the financial sector.

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“Understanding the complete financial picture of SMB customers can be a significant challenge,” said Kevin Phalen, Executive Chairman at 9Spokes. “Our multi-bank view harnesses the power of open data to provide a holistic view of financial statuses. It empowers businesses and financial providers alike with the information needed to make informed decisions.”

9Spokes multi-bank view key features

The initiative aims to change how financial services are provided to SMBs, offering benefits that include:

  • Enhanced Customer Insight: Provides a deeper understanding of SMBs’ financial needs by consolidating financial data from multiple sources.
  • Personalised Services: Allows for the delivery of customised financial products and advice tailored to each customer’s unique financial situation.
  • Increased Efficiency: Streamlines the data collection and analysis process, freeing up resources for innovation and improved service delivery.

 

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