Whew!!! Our first FinovateFall is in the books, and what a coming out party for Monit!

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Prior to the event, we were thrilled to be selected as one of the demoing companies. We were immediately humbled to see who would be joining us on the “main stage” — several startups and public companies like Q2, Envestnet and Microsoft!

Nevertheless, the Monit team set an audacious goal of securing one of the coveted “Best of Show” awards. And, the team delivered! https://finovate.com/videos/finovatefall-digital-monit/

We enjoyed great conversations with many bankers during and since the event. It’s clear that Monit is striking a chord with forward-looking FIs who are looking for differentiating ways to serve the SMB market and leverage alternative data sources to increase sales efficiency, deepen share of wallet and increase profitability of a core business line.

Related press coverage:

American Banker https://www.americanbanker.com/news/eastern-bank-spinoff-launches-money-management-app-for-small-businesses

Finextra https://www.finextra.com/pressarticle/84069/mobile-financial-management-platform-for-business-monit-makes-debut

PYMNTS https://www.pymnts.com/news/b2b-payments/2020/monit-debuts-platform-for-smb-cash-flow-management/

CPA Practice Advisor https://www.cpapracticeadvisor.com/accounting-audit/news/21153793/monit-launches-mobile-finance-platform-to-give-small-business-owners-more-control-over-finances

To paraphrase Hemmingway, “How do you lose customers? Gradually, then suddenly.”

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Customer satisfaction of small-to-medium size businesses (SMBs) with their primary financial institution has been on a decline for years and SMB churn is increasing, according to Aite Group and FIS.

Until recently, this trend was driven by larger banks investing in business customer acquisition: premium offers, vertical expertise and, of course, new technological capabilities. Community and regional banks increasingly relied on “service” to stem the tide of customer attrition.

Fintech offerings for SMBs have historically been limited and quite niche. Conventional wisdom among bankers was that business banking was too complicated — and, required human/branch interactions — for fintechs to pose a real threat. …

As we know, for purposes of PPP forgiveness eligible payroll expenses, non-owner employee eligible payroll expenses are capped at $46,154 per employee (maximum annual salary of $100,000 * 24/52). However, owner employees and self-employed individuals’ eligible payroll expenses are capped at a minimum of:

Sole Proprietorship:



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