Name: Monit
Uploaded: 2021-08-10T21:26:54.093Z

Ben Mullins - FinovateEurope 2020 _ Dorsum_1 (1).mp4

monit.vtt

English

{{00:00:11}}
It's great to be demoing here at Finovate.

{{00:00:13}}
Since most of our audience represents banks,
credit unions and other financial institutions.

{{00:00:17}}
I should start by saying I've been in your shoes in a prior life.

{{00:00:20}}
I ran corporate strategy for a mid-sized bank and attended these
conferences, looking for great technology companies to partner with.

{{00:00:27}}
I should also tell you why I'm now on this side of the.

{{00:00:30}}
During an important board meeting at the bank, one of our
directors made an astute observation about business banking.

{{00:00:35}}
There were no clear best-in-class bags, more to the point as
an industry, banks have not served business customers as well

{{00:00:42}}
and for community banks, we're serving business customers
as core to the mission that struck everyone is unacceptable.

{{00:00:47}}
So that board meeting kicked off a chain of events for
why I'm here today, but more on that later for now, I

{{00:00:52}}
want to introduce you to Monit, which addresses many
of the core issues facing bankers and their SMB cuts.

{{00:00:58}}
Through our co-design efforts with business owners and bankers
alike, we've identified a huge opportunity to give your

{{00:01:04}}
business customers a better experience, increase operational
efficiency and improve your bottom line in a core business.

{{00:01:10}}
All with no tech integration.

{{00:01:12}}
So let's dive in.

{{00:01:14}}
Monit is a cashflow projection and financial optimization app.

{{00:01:17}}
For business owners, banks offer it as a value added service
to help business customers be better operators and support

{{00:01:24}}
bankers and creating deeper, more profitable relationships.

{{00:01:27}}
As we all know, most small business
owners do not have a finance background.

{{00:01:31}}
That is the case with the owner of
Mediterranean cuisine to protect her privacy.

{{00:01:35}}
Let's call her Megan.

{{00:01:36}}
She is a customer of first regional bank.

{{00:01:39}}
Using Monit was the first time Megan had a clear view of
both her historical cash flow trends and what her future

{{00:01:44}}
looks like starting with today's cash position of $54,000.

{{00:01:49}}
She can go back in time to see her low point in may, just prior
to receiving a PPP loan, she can reset back to today, then scrub

{{00:01:56}}
forward to the future to see what the road ahead looks like.

{{00:02:00}}
Monit works by hooking into a business's existing accounting software.

{{00:02:03}}
So QuickBooks behind the scenes, we apply some very
interesting predictive intelligence to the accounting

{{00:02:08}}
data to create an automated cashflow for it.

{{00:02:11}}
I won't go deep into the math, but the
cashflow engine considers a number of factors.

{{00:02:16}}
It also acknowledges the limits of using
historical data to predict the future.

{{00:02:20}}
That is why Monit's technology asks the user important questions
so that the system learns and gets smarter, blending human

{{00:02:27}}
insight and machine intelligence for a true data model of one it's
patent pending and we keep evolving the models with more data.

{{00:02:36}}
Hey, Steve, quick question for you.

{{00:02:37}}
I know that cashflow forecasting is obviously
a vital piece for any small business, but what

{{00:02:42}}
tools are small businesses actually using today?

{{00:02:45}}
Really nothing.

{{00:02:46}}
Unfortunately the most common forecasting
practice is all on an owner's head.

{{00:02:50}}
Some owners use spreadsheets, but those
are tedious and hard to keep current.

{{00:02:54}}
Most businesses use an accounting package,
but accounting is focused on the past.

{{00:02:58}}
Business owners desperately need tools
to visualize and plan for the future.

{{00:03:02}}
In fact, there's research showing nearly 75% of
owners would switch bags to get a tool like Monit.

{{00:03:08}}
While cashflow is super critical it goes hand in hand with
understanding key financial vitals and planning for the future.

{{00:03:15}}
Here on the key numbers tab.

{{00:03:17}}
Megan sees the numbers that are vital to her business.

{{00:03:19}}
Like key cashflow elements, such as money owed to me and money I
owe here, you can see Megan's revenue forecast for the month is

{{00:03:26}}
nearly $72,000 and how she is tracking against the forecast with a
simple click, she can see comparisons to prior month and last year.

{{00:03:34}}
It's one thing to present key metrics in a cashflow
forecast, but Monit also makes the data actionable.

{{00:03:40}}
We call these insights.

{{00:03:42}}
Insights are data-driven actionable recommendations
that are tailored to the individual user.

{{00:03:47}}
These fall under several categories, like loans and lines of credit,
cash position, and COVID impacts, which we'll come back to here.

{{00:03:53}}
We see an insight card that relates to money owed to
me, notifying Megan, that she had six overdue invoices.

{{00:04:00}}
Since this is a vital source of cashflow, we built a
very simple way for an owner to ping overdue accounts.

{{00:04:06}}
She is going to focus on her most overdue invoice.

{{00:04:10}}
Clicking on the letter, icon loads, a pre-filled email to
remind a customer of an outstanding obligation business

{{00:04:16}}
owners notoriously struggled to stay on top of collections.

{{00:04:19}}
So this is an easy button.

{{00:04:22}}
We've tuned, the insights engine to recognize and respond to possible.

{{00:04:25}}
COVID impacts on the business, looking above the COVID cards.

{{00:04:29}}
You see, we also detected Megan's PPP
loan and are helping her optimize.

{{00:04:34}}
Now is not the time for business owners
to focus on strange forgiveness rules.

{{00:04:38}}
So we do that for them in real time.

{{00:04:40}}
The tracker shows Megan exactly where she stands.

{{00:04:42}}
56 days left and recovered period, and 86% towards max forgiveness.

{{00:04:47}}
We include tailored recommendations to
help navigate key decisions about the loan.

{{00:04:52}}
For instance, Monit tells Megan that if she doesn't have
any more qualifying spend, she will have a loan of about

{{00:04:57}}
$14,000 and a monthly payment of $300 for the next five years.

{{00:05:02}}
This is a real time self-service tool that allows Megan
to focus on recovery efforts without fretting about the

{{00:05:09}}
status of her PPP forgiveness, as she looks forward to
hopefully brighter times and while PPP is temporary,

{{00:05:15}}
this same architecture can help borrowers with standard.

{{00:05:17}}
Covenant tracking.

{{00:05:19}}
Part of looking forward is ensuring that
Monit knows what's inside a business.

{{00:05:23}}
Owner's head what her expectation and predictions are.

{{00:05:26}}
Monit captured these plans in the events section.

{{00:05:30}}
Here, you can see that Megan has created several events.

{{00:05:32}}
These include planning to reopen a retail location in
October, making a much needed investment in a high capacity

{{00:05:38}}
oven and operating vehicles and Q1 to meet increased
delivery demand, et cetera, and adjusting events is easy.

{{00:05:46}}
Here she opens the event card for the new oven and
considers doubling the investment by typing in $30,000.

{{00:05:53}}
She can immediately visualize the impact
and decide whether it's the right choice.

{{00:05:58}}
Okay.

{{00:05:58}}
So quick question.

{{00:05:59}}
I think we looked at Megan's example.

{{00:06:00}}
We see what's in it for her, but you
mentioned that Monit is provided by banks.

{{00:06:04}}
So what's in it for them.

{{00:06:05}}
You know what, what's their angle on all.

{{00:06:08}}
That's right, Greg, let me quickly finish my story from
earlier after that board meeting, which highlighted

{{00:06:12}}
business customers as an acutely underserved market, I
promptly took a role in our business banking group here.

{{00:06:18}}
I had a front row seat to see the issues
bankers face in serving their SMB.

{{00:06:23}}
As banking becomes more commoditized
and rates remain lower for longer.

{{00:06:27}}
Frontline bankers feel the pressure
through more aggressive sales plans.

{{00:06:30}}
It's the old adage do more with less Monit allows business
bankers and relationship managers to support their customers

{{00:06:37}}
with an incredibly valuable digital engagement tool.

{{00:06:40}}
Let's explore a few features that drive increased relationship
value and efficiency gains for the bank, back to Megan's events.

{{00:06:47}}
She set up an event to purchase a new oven.

{{00:06:49}}
Then double the point.

{{00:06:51}}
Monit noticed and offered to connect her to her banker, to
discuss financing options, to go a step further, we can send over

{{00:06:57}}
Megan's latest financials to facilitate that credit discussion.

{{00:07:00}}
All she has to do is click on the blue button.

{{00:07:03}}
When that happens, we can send an alert directly into
the bank, Salesforce or CRM tool to notify the banker.

{{00:07:10}}
Without this, it could be a missed sales opportunity.

{{00:07:12}}
Megan may contact her banker too late, then scrambled to accept a
quick submit high interest loan from the transactional provider.

{{00:07:20}}
The bank loses an important deal and relationships deepener.

{{00:07:23}}
Now imagine that across every business customer at a bank,
and you're talking about millions in lost profits, this is

{{00:07:28}}
just one example of how Monit can create contextually relevant
and timely interactions between banker and business customer.

{{00:07:36}}
Another benefit is to streamline manual workflows,
back in insights, we provide Megan a reminder.

{{00:07:42}}
Another easy button to securely share financials
required for her annual loan review or line of credit.

{{00:07:49}}
On the bank side, we can even format the incoming
data to load directly into the spreading system.

{{00:07:54}}
As any banker knows digitizing the portfolio management
process can yield huge cost savings and efficiency gains.

{{00:08:00}}
Now it's important to note that Megan had to
permission all of this privacy is absolutely paramount.

{{00:08:06}}
One more thing to note is that we can stand up
Monit without any tech integration to the bank.

{{00:08:10}}
Having been a technology buyer at a bank I'm quite
familiar with project cues and prioritization.

{{00:08:15}}
We designed Monit to avoid all the hassles of technology integration.

{{00:08:20}}
We don't even need any data from the bank.

{{00:08:21}}
In fact, we will send data to you.

{{00:08:24}}
An example is our ability to provide aggregated anonymized portfolio
data, to help the banks, product marketing and risk management teams.

{{00:08:32}}
For instance, here's a report available through the backs portal.

{{00:08:35}}
It can answer key questions such as our revenues
increasing or decreasing across the portfolio.

{{00:08:40}}
And there are balance sheet trends that
could serve as early warning risk indicator.

{{00:08:44}}
Also some very interesting data about share of
wallet and market information like top competitors.

{{00:08:50}}
This is one report I truly wish I had when I was a banker.

{{00:08:54}}
Got it, got it.

{{00:08:54}}
No, this is looking really cool.

{{00:08:55}}
So now going back to the small business this
seems like something that's really helpful.

{{00:08:59}}
I think, especially right now if a small business
would benefit from Monit, how can they get it

{{00:09:03}}
particularly to help with things like COVID or PPP?

{{00:09:08}}
I'm glad you asked our bank partners and investors
have agreed to support us in offering Monit to

{{00:09:13}}
the millions of small businesses hit by COVID.

{{00:09:15}}
If your bank doesn't yet offer them Monit, and you've
been hit by COVID and maybe have a PPP loan, we will

{{00:09:20}}
provide Monit free of charge to get access, go to
Monit app.io/free and follow the prompts to sign up.

{{00:09:27}}
It's super simple.

{{00:09:28}}
In fact, as I wrap up my remarks, you can watch
the complete onboarding flow to see how easily.

{{00:09:33}}
Nice exciting.

{{00:09:34}}
You know, we always love to break this kind of news at Finovate.

{{00:09:37}}
Thanks Greg, to connect in our virtual booth with
banks and other institutions, serving small businesses.

{{00:09:42}}
I'd be remiss not to mention that we have multiple deployment
and branding options while Monit requires no tech integration.

{{00:09:47}}
We have a fully modular API architecture
so we can accommodate customizations.

{{00:09:52}}
We're SOC two compliant and we have a
special incentive for Finovate attendees.

{{00:09:56}}
So that's, MonIt giving financial control of the business
owners or giving banks that competitive advantage to deepen

{{00:10:01}}
relationships while increasing efficiency and profits.

{{00:10:04}}
We recently asked Megan how her finances were
doing, and she constantly said, I'm on it.

{{00:10:09}}
Thank you for your time.

{{00:10:10}}
And please vote for Monit in best the show.

It's great to be demoing here at Finovate.

Since most of our audience represents banks,
credit unions and other financial institutions.

I should start by saying I've been in your shoes in a prior life.

I ran corporate strategy for a mid-sized bank and attended these
conferences, looking for great technology companies to partner with.

I should also tell you why I'm now on this side of the.

During an important board meeting at the bank, one of our
directors made an astute observation about business banking.

There were no clear best-in-class bags, more to the point as
an industry, banks have not served business customers as well

and for community banks, we're serving business customers
as core to the mission that struck everyone is unacceptable.

So that board meeting kicked off a chain of events for
why I'm here today, but more on that later for now, I

want to introduce you to Monit, which addresses many
of the core issues facing bankers and their SMB cuts.

Through our co-design efforts with business owners and bankers
alike, we've identified a huge opportunity to give your

business customers a better experience, increase operational
efficiency and improve your bottom line in a core business.

Monit is a cashflow projection and financial optimization app.

For business owners, banks offer it as a value added service
to help business customers be better operators and support

bankers and creating deeper, more profitable relationships.

As we all know, most small business
owners do not have a finance background.

That is the case with the owner of
Mediterranean cuisine to protect her privacy.

She is a customer of first regional bank.

Using Monit was the first time Megan had a clear view of
both her historical cash flow trends and what her future

looks like starting with today's cash position of $54,000.

She can go back in time to see her low point in may, just prior
to receiving a PPP loan, she can reset back to today, then scrub

forward to the future to see what the road ahead looks like.

Monit works by hooking into a business's existing accounting software.

So QuickBooks behind the scenes, we apply some very
interesting predictive intelligence to the accounting

data to create an automated cashflow for it.

I won't go deep into the math, but the
cashflow engine considers a number of factors.

It also acknowledges the limits of using
historical data to predict the future.

That is why Monit's technology asks the user important questions
so that the system learns and gets smarter, blending human

insight and machine intelligence for a true data model of one it's
patent pending and we keep evolving the models with more data.

I know that cashflow forecasting is obviously
a vital piece for any small business, but what

tools are small businesses actually using today?

Unfortunately the most common forecasting
practice is all on an owner's head.

Some owners use spreadsheets, but those
are tedious and hard to keep current.

Most businesses use an accounting package,
but accounting is focused on the past.

Business owners desperately need tools
to visualize and plan for the future.

In fact, there's research showing nearly 75% of
owners would switch bags to get a tool like Monit.

While cashflow is super critical it goes hand in hand with
understanding key financial vitals and planning for the future.

Megan sees the numbers that are vital to her business.

Like key cashflow elements, such as money owed to me and money I
owe here, you can see Megan's revenue forecast for the month is

nearly $72,000 and how she is tracking against the forecast with a
simple click, she can see comparisons to prior month and last year.

It's one thing to present key metrics in a cashflow
forecast, but Monit also makes the data actionable.

Insights are data-driven actionable recommendations
that are tailored to the individual user.

These fall under several categories, like loans and lines of credit,
cash position, and COVID impacts, which we'll come back to here.

We see an insight card that relates to money owed to
me, notifying Megan, that she had six overdue invoices.

Since this is a vital source of cashflow, we built a
very simple way for an owner to ping overdue accounts.

She is going to focus on her most overdue invoice.

Clicking on the letter, icon loads, a pre-filled email to
remind a customer of an outstanding obligation business

owners notoriously struggled to stay on top of collections.

We've tuned, the insights engine to recognize and respond to possible.

COVID impacts on the business, looking above the COVID cards.

You see, we also detected Megan's PPP
loan and are helping her optimize.

Now is not the time for business owners
to focus on strange forgiveness rules.

The tracker shows Megan exactly where she stands.

56 days left and recovered period, and 86% towards max forgiveness.

We include tailored recommendations to
help navigate key decisions about the loan.

For instance, Monit tells Megan that if she doesn't have
any more qualifying spend, she will have a loan of about

$14,000 and a monthly payment of $300 for the next five years.

This is a real time self-service tool that allows Megan
to focus on recovery efforts without fretting about the

status of her PPP forgiveness, as she looks forward to
hopefully brighter times and while PPP is temporary,

this same architecture can help borrowers with standard.

Part of looking forward is ensuring that
Monit knows what's inside a business.

Owner's head what her expectation and predictions are.

Monit captured these plans in the events section.

Here, you can see that Megan has created several events.

These include planning to reopen a retail location in
October, making a much needed investment in a high capacity

oven and operating vehicles and Q1 to meet increased
delivery demand, et cetera, and adjusting events is easy.

Here she opens the event card for the new oven and
considers doubling the investment by typing in $30,000.

She can immediately visualize the impact
and decide whether it's the right choice.

We see what's in it for her, but you
mentioned that Monit is provided by banks.

You know what, what's their angle on all.

That's right, Greg, let me quickly finish my story from
earlier after that board meeting, which highlighted

business customers as an acutely underserved market, I
promptly took a role in our business banking group here.

I had a front row seat to see the issues
bankers face in serving their SMB.

As banking becomes more commoditized
and rates remain lower for longer.

Frontline bankers feel the pressure
through more aggressive sales plans.

It's the old adage do more with less Monit allows business
bankers and relationship managers to support their customers

with an incredibly valuable digital engagement tool.

Let's explore a few features that drive increased relationship
value and efficiency gains for the bank, back to Megan's events.

She set up an event to purchase a new oven.

Monit noticed and offered to connect her to her banker, to
discuss financing options, to go a step further, we can send over

Megan's latest financials to facilitate that credit discussion.

All she has to do is click on the blue button.

When that happens, we can send an alert directly into
the bank, Salesforce or CRM tool to notify the banker.

Without this, it could be a missed sales opportunity.

Megan may contact her banker too late, then scrambled to accept a
quick submit high interest loan from the transactional provider.

Monit is a company devoted to the well-being of small businesses and the amazing people that lead them. We are a team of technologists, bankers, and small business owners that apply the latest in predictive science and human-centered design to bring true financial firepower to small businesses. We partner with forward-thinking banks and other partners serving small businesses to weave Monit’s capabilities into their customer relationships and digital experiences.