The Commonwealth Bank of Australia (CBA), a major provider of integrated financial services, has launched Vonto app to provide personalised insights for small business owners.
The free mobile app makes running a small business easier by collating data from a range of regularly used business tools into one platform, to provide easy to understand and actionable insights.
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By using the app, small business owners can save time, the bank said. Vonto can also allow them to “receive more holistic insights, enabling [business owners] to make better business decisions”.
More than 80 per cent of small businesses are using up to six business apps to run their operation. This means six logins to six different systems, just to see the status quo, according to Vonto Managing Director Elliot Cousins.
“Small business owners are time poor – for most business owners there aren’t enough hours in the day to double click on what their business data is telling them, let alone decipher this information and know what to do with it. That’s where Vonto comes in,” Cousins said.
“A selective number of integrations”
Each morning, Vonto runs through a business’ data, and delivers 10 key insights, and recommended actions. For example, insights such as cash flow outlook, website traffic, social media engagement and product performance.
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By GlobalDataAnd going a step further, Vonto pulls together these data sets to generate holistic insights.
Vonto was launched with integrations to Xero, Google Analytics, Shopify, Facebook and Vend, with more integrations already in development.
“We decided to launch with a selective number of integrations and are looking to our users to tell us what integrations they want in future releases,” Mr Cousins said.
Vonto was made possible through the X15 Ventures, an Australian technology venture building entity. X15 Ventures was designed to deliver new digital solutions to benefit Australian consumers and businesses.
“By being part of X15 we’ve been able to accelerate across all aspects of the venture building process. The fact that we’re backed by CBA, and get access to X15 partners like Microsoft, provides us with a tremendous advantage,” Mr Cousins said.
CBA stressed that Vonto isn’t just available to its customers. Vonto is free to download and can be used by any small business, no matter who they bank with.
“We wanted to make sure Vonto was available to anyone in the small business community. Small business is the lifeblood of the Australian economy and we want to help as many of them as we can,” Mr Cousins said.
