Finagraph, a provider of best-in-class automated financial intelligence tools and data verification to financial institutions, announced today the company has forged a partnership with the renowned Relationship Banking Academy (RBA) to educate tomorrow’s bankers on key financial technology tools to aid in forging long-lasting client relationships. Kyle Enger, CEO of RBA, is an esteemed expert in the field of relationship banking who regularly teaches at top business schools including the Pacific Coast Banking School, Graduate School of Banking at Colorado and Graduate School of Banking at LSU.
Financial technology provider BBC Easy announced today that the company has formally rebranded under the new name Finagraph and is expanding the vision for its core product. The company announced its new website will be located at http://www.finagraph.com. This shift is in line with the expanded goals for Finagraph’s innovative, proprietary software—which connects businesses, their bankers, or investors securely through the cloud—to include a host of financial intelligence tools that allow for on-the-spot review of a company’s complete financial health.
More and more, financial consumers are voting with their feet and moving on from banks they believe underperform on customer service. A July study from cg42, a Wilton, Conn., management consultancy says that customers will pull out $92 billion in deposits from U.S. banks in the next year due to increasing dissatisfaction.
Corey and I started BBC Easy in 2010 to help streamline the Borrowing Base Certificate process. The process which requires lenders to spend hours reviewing financials submitted by businesses, and requires that businesses take hours to gather and report financials to their lenders.
In solving this problem, we created technology that is amazing at gathering financials from small and medium sized businesses. It's also amazing at providing lenders with financial insights that they've never had before. And it all happens in less time and with less effort for the business and the lender.
In 2012 alone, 2,267 bank branches shut their doors in the U.S. In the face of record-low interest rates and changing customer preferences for online banking, banks, particularly smaller ones, are at a crossroads. While many want to reduce operating costs, customer demands for increased online and mobile access is a costly prospect for many small- to mid-sized banks.
A steady cash flow is the life-blood of businesses. For smaller companies, even one delinquent client can keep owners from paying their own bills. That's from James Walter, CEO of BBC Easy, which streamlines bank lending for small-business loans. Tips on efficiently collecting the cash: Practice simplicity.
BBC Easy presented at Finovate Spring 2013. To understand the amazing capabilities of the Finagraph platform, watch the quick 7 minute presentation here:BBC Easy at Finovate
Seattle-based BBC Easy (powered by Finagraph) provides automated borrowing base certificates for small and medium sized businesses. With asset-based lending and cash-flow lending becoming increasingly popular for small business, founders James Walter and Corey Ross discuss alternative financing strategies for small business.
BBC Easy founders James Walter and Corey Ross talk about what BBC Easy is doing to streamline the process for banks and other lenders to make it easier to lend capital to small business owners. The money supply may be easing up, but the challenge for lenders is the cost of the manual processes lenders are strapped with to process small business loans.