FinTech MineralTree Connects Banks with Businesses and Private Customers
The rise of Financial Technology startups and their solutions (FinTech) have put a lot of financial institutions, like legacy banks, on notice. Consumers, individuals and organizations, are beginning to find the processes of these age-old establishments slow to adapt to their needs. Bureaucracy and other red tape can get in the way of releasing needed funding that can help operations or provide capex. Some of these banks may not even have capabilities in the latest online payment methods such as phone banking or Bitcoin. Just to give an example, a loan application will take a bank a week or a month to process, while it will take a FinTech startup just a couple of days. CoinTelegraph warns that banks and other financial establishments are beginning to feel the pinch of this young competition in the decreasing loss of revenues and the departure of former loyal clients.
MineralTree presents one viable and productive option by partnering with banks, instead of alienating them. Their solutions and way of doing business help these corporations ease into the digital age instead of scaring them away. As a result, all shareholders, including stockholders, client companies, individual depositors, and credit card companies, benefit.
MineralTree first gained a lot of attention, acclaim and scores of clients by making the payment processes of business organizations faster, more convenient, and more secure through automation. As reviewed by Let’s Talk Payments, organizations who use these solutions also save time and money because of the reduction of error. Detailed and updated automated reporting also help them manage their cash flow and other financial processes. FinTech Collective reveals that traditional companies spent $100 billion dollars in processing and writing checks and another $11 billion in emailing them. MineralTree’s method has reduced that amount significantly. It was also seen as a viable option to the current moribund way of banking transactions, and thus drew more than $11.1 million in investments in 2015.
MineralTree was named the Innovative Technology in 2016 for the FinTech category in Boston’s prestigious MassTLC Technology Leadership Awards.
MineralTree is extending the same support to the banks which are feeling their way in the age of the smart systems. Its analytics will help these new customers further define and reach out to their business customers. The creative tool in its solutions can help them conceptualize and launch more appealing sales and marketing campaigns that will draw in more customers. It can also hone in on other opportunities in the business environment, assess and identify them, and present them to management for consideration.
Businesses and banks can arrive at a common, efficient platform of collaboration that can best serve their customers. Objectives and processes can become more clear, and processing can speed up while still being transparent. Organizations need no longer have to unnecessarily wait for an extensive period of time just to get their monies. Banks can also tap into new markets through their new campaigns which are more relevant because they are data-driven.
MineralTree has created a bridge between the once digitally-estranged banking institutions with the companies that are aligning with 21st-century technologies. As services improve, it is the customer who benefits. And ultimately, in any economy – traditional or digital – that is a good thing.