Fintech platform UpSWOT aims to help banks and financial institutions better service small and medium business (SMB) clients with its API-drive approach to data organization. The Charlotte, N.C.-based company connects, collects, and organizes data from more than 120 business software tools SMBs regularly use, such as Quickbooks, Xero, Salesforce and Shopify. UpSWOT also white labels its “dashboard,” which allows banks and financial institutions continuously monitor financial, sales and marketing data, while also giving the business owners a comprehensive picture of their financial health. “We not only extract the data but also track its modification, providing real-time insights to the client,” Dmitry Norenko, chief executive at UpSWOT, told <em>Bank Automation News</em>. “This enables banks to have more transparent and consistent access to SMB's data and allows them to offer personalized service to their SMB customers.,” Earlier this month, UpSWOT announced it had raised $4.3 million in a seed funding round led by venture capital firm Common Ocean Partners, and said that it will use the funds to expand its U.S. footprint, continue hiring onshore staff to support a growing list of deployments with financial institutions. With its metrics-driven dashboards and timely recommendations, UpSWOT’s platform offers tools for cash-flow management, debt- funding decisions, financial planning, and accurate cash reporting. Current clients include banks like Raiffeisen Bank Aval and Societe Generale Group, and nonbank financial institutions like MasterCard. UpSWOT is part <a href="https://finainews.com/fintech-discovery/" target="_blank" rel="nofollow noopener">of Fintech Discovery</a>, <em>Bank Automation News</em>’ sister marketing accelerator program. Watch the video for a short demo of UpSWOT’s product with CEO Dmitry Norenko. <em>Bank Automation Ignite, on April 13-14, is the event for inspiring automation initiatives and investment in financial services. At the virtual event, financial services professionals can discover new use cases and technologies that are accelerating automation in banking. Learn more and register at <a href="https://bankautomationignite.com/?utm_source=Editorial&utm_medium=BAN_Footer&utm_campaign=BAN_Footer" target="_blank" rel="noopener nofollow">www.BankAutomationIgnite.com</a>.</em> <em>The following is a transcript generated by AI technology that has been lightly edited but still contains errors.</em> <div class="transcript-scroll-box-premium"><strong>Dmitry Norenko</strong> Hi, my name is Dmitry I am CEO and founder of Upswot technology, which is designed to help banks better support their business clients and grow their revenues by 18%. Let me show you a couple of slides are for our deck to provide you with the better overview of our value proposition. And later we can switch to the demo. So nowadays, fintechs are eating a huge piece of the banking pie. In 2008, only 34% of the businesses were thinking that there is no way that they can get support from their banks. Nowadays, it's more than 70% of the businesses looking for the support from Cambridge, PayPal Square, challenger banks and hundreds of other fintechs serving doubled. That means that the banks are losing their clients. That means that businesses are creating revenues for the fintechs because businesses are looking for actionable insights, personalized advice, they are looking for cash flow forecast, they are looking for simplified lending. And the banks unfortunately, are not given them this right now. And we are here to change this, we created the platform, which is white label adon to mobile banking, and web banking. And this platform allows the banks to simplify their internal processes, with the help of API enabled access to more than 120 apps that the business clients of the banks regularly use. But the data from this apps will be also transformed and given back to the business clients through their banks. To help them with the products they are looking in fintechs we are making everything possible to get the businesses back to the banks. And we are doing this with the help of 45 people serving more than 30 financial institutions and one our clients on national banks, international banking groups, but also fintechs community banks, and even non banking financial institutions like MasterCard. But let me show you what we do. I believe all of you you heard about me and great solution created by Intuit Corporation. It's used by millions of consumers almost every day because it allows to combine banking information, utility information and assets in one app to help to build the credit score and make financial decisions. We created meaningful business as the part of the banking products. white label add on that allows Bledsoe majan Jade, who is the business owner from New York, to get accurate cash flow forecast and build different scenarios, we will come to this a little bit later. more exciting to jet we'll get actionable insights, something like that she needs to increase prices for your products. Because the demand is growing. And your competitors already did this. Or jet can get an insight. Because your week over week items returned to volume is decreased the steps that she needs to make to grow faster.In your web and mobile banking, she will get an insights regarding your performance on square. But this is the way for the bank to sell much better. If the average conversion rate in banking industry is only 7%. With our help, that would be 84. Because when you explain the client that inventory levels has just dropped below the average level. And that's the perfect time to get the loan. The conversion rate is much higher, because this is not the sales. This is the explanation why gtw needs the loan, because she has some inventory issues. At the same time you can sell any product you want, including factoring lesean, and payroll protection program. So Jade will see that she has so many invoices not yet paid. And while she can talk with her advisor, this is the perfect time to push the button and get the factoring product. In several clicks. We create the new way for the banks to sell by explaining why this is the perfect solution to the right client offered at the right time. If Jade wants to dive deeper, she will see the KPIs of the financial performance. She can see dynamics in different time periods. But if she wants to dive deeper and to see for example, what is happening with your Amazon, she can easily do this and get to the detailed analytics if she wants. But she can build any dashboard that she needs. She will see what will happen in future including your sales. Something like in this case. jG you're doing so great job that your sales will grow very soon, well done. But there is the problem. You don't have enough goods in your stocks to fulfill demand. Jed gets this insight through your bank, because the bank is the place not to store your money only, but the place to help you to make better business decisions. And she can dive deeper into any aspect of her business. But more importantly, the bank will give you the way to plan the next best step. So Jade can see what will happen with your business. If the next month, she calls us and you deal that will give you 11,000. Every month, she can see what will happen with your business if after that she is hiring you employee. And she can build any forecast that she needs, and built any scenarios that will show you which decision is the best one. And which decision is the worst one by just clicking the buttons. But that means that the bank will know that gene is going to close the deal. Well, how much it will generate for her, the gene is going to rent the chalk. Well how much she's ready to pay for this, the bank gets the insights about their plants, issues, habits, preferences, and what gene is afraid of. Because Jade is sharing this data. And Jade can connect any app out of more than 120 that you regularly use, including the banks through our partners like bled your ugly, MX and others. But when it connects your data, the bank gets legal access to this data as well. I would be happy to show you the next course how this data can be used for underwriting and renewals. But I want to focus your attention on how this data can be used for sales. We drive insights to relationship managers as well. And they can get them in our platform, or even without our platform, through text messages, emails and push notifications. And even in Salesforce and Microsoft Dynamics that your bank might be using right now. The main idea that there will be recommendation and explanation something like please offer j to restructure your existing depth because your net income just dropped by 31% offer G to launch marketing campaign, because she just started selling 28 new items on Amazon offer jet a line of credit to help you to buy equipment for the new branch that she just opened. Our technology continuously monitors all financial and more financial apps of the business clients to help them to perform better, but also to provide actionable insights to relationship and account managers and even automate marketing. I would be happy to show you please let me know if you want to dive into this platform and get all possibilities that we make available to all our current clients. Thank you very much.</div>
