Novo Banco , one of the most innovative banks in the world , chooses Strands to build its award-winning BFM solution , the first of its kind in Portugal .
PAGE LD The Challenge
Novo Banco was looking for a technological partner able to provide small business owners with the best digital banking experience in Portugal . The bank performed an in-depth analysis of the SME banking landscape in the country , and realized SMEs were being largely underserved by financial institutions .
Novo Banco soon realized that the key to position themselves as leaders in the SME banking segment was building a highly personalized and easy-to-use business financial management platform . And that ’ s how its partnership with Strands began .
The Solution
Novo Banco ’ s strategy was based on a thorough assessment of the issues affecting small businesses . These banking customers need a tool that takes the uncertainty out of money management and allows a 360 º vision of all bank accounts , aggregating their entire financial picture on one platform .
Strands ’ business financial management ( BFM ) solution was embedded into Novo Banco ’ s digital banking system Nbnetwork +. With this solution , which includes invoicing features and a categorization engine , Novo Banco allows its SME customers to keep track of their financial situation .
A real-time engine was also one of the bank ’ s top priorities . Novo Banco ’ s customers ’ accounts are automatically updated whenever a transaction is processed . By offering the most up-to-date account information available in one single platform , this feature empowers SMEs to stay on top of their accounts and also helps further protect users from potential fraud .
Strands : Leveraging Insights in Digital Banking
As one of the world ’ s largest providers of innovative banking solutions , Strands ’ software , which allows banks to offer personalized digital experiences to their customers , has been implemented in more than 700 financial institutions in 30 countries .
Through Strands ’ Engager engine , BFM is capable of generating insights . This is incredibly helpful for those companies that require some financial advice . For instance , the solution ’ s personalized alerts let SMEs know about expected payments , potential liquidity issues , or cash flow forecasts . By combining this technology with features such as a calendar and BFM ’ s transaction categorization engine , SME owners can easily understand where their money is coming from and where it is going .