Mphasis, an Information Technology (IT) solutions provider specializing in cloud and cognitive services, today announced its strategic partnership with US-based Upswot, a fintech startup, that provides an innovative technology platform to help banks and other financial institutions increase sales and marketing insights for business banking customers, through alternative data.
The partnership will focus on creating a joint solution offering to help US-based regional and global banks increase revenue and provide insight-driven services to their SMB and mid-market customers. The solution will enable access to over 120+ apps typically used by SMB and mid-market customers and combine with sophisticated KPI-oriented analytics on top. The offering is intended to provide a powerful overall digital experience for the bank’s customers as well as the bank’s relationship managers.
The platform is an add-on to online banking and on-boarding that motivates SMBs and mid-market businesses to provide authorized, continuous access to the financial, sales, and marketing data within the apps they regularly use to run their businesses. All the raw data shared is turned into standardized data which is continuously re-assessed to provide actionable risk, marketing, and business insights that benefit both the bank and the bank’s business customers. The solution provides API-enabled access to over 120 apps used by SMB and mid-market customers, such as QuickBooks, Xero, Salesforce, Amazon, eBay, Shopify, Freeagent, Freshbooks, Microsoft Dynamics GP, and Sage, among others.
The partnership will be incubated through the Mphasis Sparkle FinTech Innovation Ecosystem, which curates new and disruptive technologies to build futuristic solutions for enterprises faster and at lower cost and risk.
“A significant number of SMB’s lack the tools and/or experience to make data-powered decisions on sales predictions, customer churn and acquisition costs, financing, and related areas – a problem that their banks can help solve, with access to the right data about their customer’s operations. We are passionately focused on helping our banking and financial services customers leverage innovative, technology-based solutions to provide better services to their customer base,” said Dinesh Venugopal, Mphasis Direct and Digital.