During the DEMOvation Challenge, attendees visited six startups in their virtual booth to view a demo of their new technology. Startups were judged for a Best in Show Award voted on by attendees. <i>The following is a transcript generated by AI technology that has been lightly edited but still contains errors.</i> [toggle title="TRANSCRIPT"] <div class="transcript-scroll-box"> Bianca Chan Hi, everyone. Thanks for tuning into this short session as part of our demonstration challenge, which gives you an opportunity to explore new technologies on the forefront of banking innovation, a reminder of the ground rules, six startups will demo their technology and attendees can meet startup founders and ask follow up questions regarding their products. During this one hour window. attendees will have the chance to vote for their favorite demo. And we'll invite the two finalists back tomorrow for a judging round to determine which startup is the Best in Show and denervation challenge winner. Now on to the demo with us we have Tom iranica, CEO and founder of Biller Genie welcome, Tom. Unknown Speaker I Thanks for having me. Bianca Chan Very excited to have you here. You may take it away with your demo. Tom Aronica Awesome. So I'm going to go ahead and share my screen here. And let's make sure that we are good to go. So thank you guys very much for having me today. And really excited to show you how biller Genie can add value for your account holders and business bankers and really throughout the entire ecosystem at your organization. And before we get started, I think First things first is you know what is biller? Genie and biller genie is an accounts receivable platform that automates Bill presentment follow up and collections, which is really just a fancy way to say that we help businesses get paid faster, and eliminate all of the busy work in the accounts receivable department. And one of the ways that we do that is by integrating to existing accounting software and existing systems that your account holders are already using. When we think about small businesses in general, we typically default to retail and restaurant brick and mortar establishes. But the truth of the matter is that 53% of businesses in the United States send invoices using an accounting system, just like one of the ones that you see here on the screen. And we're able to connect with those accounting softwares, typically with just a few clicks of a mouse to keep all of the information in sync bi directionally between the two systems to make it very easy for your account holders to work within their existing infrastructure. And when we think about accounts receivable, there's really three key components to making sure that you have a valuable accounts receivable workflow. And the first all has to do with sending invoices. And you know, sending invoices on time sounds like something that would seem obvious, but when was the last time you went to a doctor and received an invoice in the mail six months later, you probably forgot that you even went for that visit. And the reason is that 90% of businesses worldwide still send and receive invoices manually. So our solve to that is what we call our invoice messenger. And this is really the nuts and bolts of the system. Our invoice messenger starts with these that we call reminders. Each of these are based on different events that are happening throughout the day. And they're all labeled exactly how you would expect. And they're based on events and different series of events. Our new invoice reminder automatically sends invoices as you're creating them in your accounting software. So there's no buttons to press, there's no attachments that you have to send into an Outlook calendar, all you have to do is create that invoice and you can see here you can customize the messaging template. And on the right is a preview of what that email would look like. It's all on your account holders, letterhead, their colors, their logos. And what's important here is that you get immediate access to sending those invoices without any manual intervention. But what happens after those invoices are sent. The next critical component is taking a very diligent follow up process to remind those customers who don't pay you. And being that this is a manual process, this becomes very difficult for accounts receivables organizations to process internally. So we have additional reminder types that allow us to automatically follow up based on the status and age of the due date. You can customize your own messaging schedule with the entire frequency that works best for your business and the tone of voice for your business. And the last step is to really collect those payments or make it easy for your customers to pay you after all if you make a difficult sense to reason that those payments are going to be delayed. So one of the coolest things about biller genie is that we offer different payment mechanisms from credit debit acth Apple Pay, we have that Amazon Prime type pay by one click model where you could just click a button and make a payment. Or you can log into your customer portal and each one of your account holders gets their own branded customer portal where clients can log in and select multiple invoices request payment plans, they could store cards and ecdh accounts on file and even set up you know auto pay so that we're automatically you know, billing those payment method As they're being stored in the account, so what does that really mean for you? What does that mean for the bank? And, you know, we kind of talked about how, you know, a lot of our bank partners will come to us because they want to expand into a different audience. So, you know, attracting new clients is certainly a big reason that banks come to us. But banks also come to us to help us to for us to help them increase deposits to their DBAs. And we have different tools and features in our system like our late fee manager. And then you can imagine how many times have you received an invoice that claims to charge a 1.5% late fee, but never actually does. And the reason is, is that most accounting systems make it a manual and possibility. With biller Genie, just a click of a mouse, we can automatically start charging late fees. And by doing so we're increasing those invoice tickets and the value of those invoices by 1.5% a month, which drives new revenue into the bank that drives new revenue into the DBAs as well as your account holders, similar with our processing fees feature which allows us to assess surcharges for merchant services to offset the cost. So not only are we you know, adding new revenue and reducing expenses, but we're also improving the health of that business to allow you to sell other treasury management solutions like line of credits and bank loans, because we're making those customers more bankable. The most important feature, though, I think, is our ability to collect overdue invoices, we've shown about a 40% reduction in past due invoices within 60 days on the platform. And that 40% reserve represents found money, those are invoices that are typically being sent to collections with a very low collection rate, or are being written off at the end of the year. And your account holders are either never seeing that revenue, and thus, you're never seeing those deposits into your account. So by collecting those invoices, we do a great job of driving, you know, additional deposits, you know, into the banking network. Also, we also drive a tremendous amount of stickiness. So we talked about, you know, adding new clients and increasing bank deposits, but since our system also drives a tremendous amount of adoption from the consumer, it makes it very difficult for that business banker to for the account holder to switch to another bank that doesn't provide the same level of technology or additional value added solutions, such as you know, biller Genie that you see here. Finally, banks come to us because we also help drive additional revenue. We have tailored pricing programs and custom plans for our bank partners, that not only we share revenue with, but adds you know, strategic value into your marketing channel with your account holders. For those banks that also have a merchant services division, we drive a tremendous amount of merchant service uptick, not only being able to attribute to same store growth, but also being able to increase the penetration of merchant services into your banking clients. So banks typically come to us again to attract a new client base. They want to increase deposits that or account retain those clients that they have, and of course, add new revenue into the banking environment. So I'm going to end today with a little saying that we like to say here, biller Genie revenue is vanity, profit is sanity. But cash is king. I hope you've learned a little bit more about how we can add value into the ecosystem. I would love to talk to you more about adding these types of solutions into your technology stack. Thanks so much. Bianca Chan Thank you so much, Tom. Thank you for being so succinct. You covered a lot of a lot of information in a short amount of time, which is the name of the game here. For any attendees curious to learn more about biller Genie and its technology, please visit the biller Jeannie team and their virtual booth. And don't forget to vote for which startup you think is Best in Show. see you all tomorrow at 11am Eastern for the judging round. </div> [/toggle]
