Small to medium-sized businesses (SMBs) may be called “small,” but for most financial institutions, they represent an enormous growth opportunity.
SMBs are often the cornerstone of community and regional bank growth strategies, driving deposits, loans, and long-term relationships. In fact, Accenture predicted in 2023 that SMB banking revenue would reach $100 billion by the end of this year. As a result, thoughtful financial institutions are always seeking ways to make those small business experiences stronger and more profitable for all involved.
That’s why Q2 is partnering with Monit, a fintech company that helps banks and credit unions deliver clarity for small business owners and intelligence for bankers. Through Monit’s integrated solutions, including MoniCore and Business Insights, financial institutions can unlock the full potential of their SMB portfolios.
Let’s be honest, bankers are busy. They only have so much time in the day and so many resources to go around, and as a result, SMB account holders often don’t receive the same level of attention paid to larger commercial clients. Recent research from Accenture shows only 9% of SMBs felt their financial institution was fully meeting their needs.
We view this as an opportunity.
By enabling tailored digital experiences and access to embedded fintech capabilities, we help financial institutions become the business hub for their SMB account holders, which strengthens relationships and builds long-term loyalty. We provide digital banking designed with you and your account holders in mind.
Monit builds on this foundation, augmenting our existing SMB capabilities with deeper intelligence and seamless digital experiences that provide SMBs with unprecedented insight into the financial operations of their small business account holders.
Monit is a Boston-based fintech focused on strengthening the connection between business bankers and business owners. Their mission is simple: to help banks deliver clarity for small business owners and actionable intelligence for bankers.
As a Q2 Innovation Studio partner, Monit integrates seamlessly with Q2’s digital banking platform to deliver actionable financial intelligence across your entire business portfolio. The Monit suite includes:
Combined with Q2’s Composable Dashboard for Small Business, Monit’s solutions provide a single-pane-of-glass experience for businesses to manage all their finances. As a result, they can simplify their workload and compete in an industry where nearly 82% of businesses fail due to mismanaged cash flow as cited by a recent Forbes report.
For financial institutions, Monit transforms small business data into measurable ROI through its powerful set of tools, analytics, and targeting capabilities that enable deeper, more profitable relationships and more effective bankers.
MoniCore is the recommended first product when using Monit. This quick installation integrates into a financial institution’s digital banking experience, allowing Monit’s insights engine to continuously analyze 100% of business account data and automatically generate cross-sell opportunities. These insights are delivered through the Banker Portal or integrated directly into the FI’s CRM system, such as Salesforce.
Business Insights by Monit complements MoniCore by connecting accounting data from platforms like QuickBooks, Xero, and FreshBooks. Together, they give bankers and business owners a complete, real-time view of financial health, turning data into opportunities within the Q2 digital experience.
“Monit and Q2 together enable us to deliver tools our small business clients truly value while making it simple for our teams to identify opportunities and run impactful campaigns.”
— Thomas Eorgan, SVP of Sales Enablement at Bank of Tennessee
Additionally, MoniCore eliminates manual reporting and data analysis by automatically creating sales and marketing lists based on key financial characteristics. It requires no opt-in from the business owners, covers the entire business portfolio, and includes built-in campaign tools to quickly launch targeted offers.
Monit is available for Q2 customers to deploy simply thanks to its pre-integration with the Q2 platform via Innovation Studio. Innovation Studio is an ecosystem of more than 190 partners, enabled by the Q2 SDK to build single points of integration with Q2's software. We built it on the philosophy that we can't build everything, but we want to be able to offer anything our customers need to compete.
Monit is a perfect example. Monit elevates our SMB strategy by giving financial institutions powerful new ways to serve their business customers in fresh ways.
Through this expanded partnership, Monit’s solutions are now part of the Q2 product portfolio, having been fully vetted through Q2’s Critical Vendor Assessment process. This gives financial institutions confidence that Monit meets Q2’s high standards for security, reliability, and performance. In addition, Monit offerings are now available through Q2’s standard contracting process. This makes it faster, easier, and safer for institutions to add these capabilities while reducing the complexity of ongoing vendor management.
Learn more about Q2’s fintech partner ecosystem and explore a partnership with Monit.
This post is part of our content series dedicated to exploring the value of our platform ecosystem and our fintech partners, who help Q2 customers solve a wide array of everyday challenges. Check back on the Q2 blog for more Fintech Features in the coming weeks.