Solving a huge societal problem

Posted by Sofia
Posted on May 03, 2017 Leave a comment

Delete or edit the information about banks if that aspect is 1-2 years' away? e.g.

Meanwhile, Akoni will use technology to benefit banks, with data analytics that provide insight into customers' asset value to inspire cross-selling opportunities. SME assets will become available for lending, which generates higher returns and answers the Basel III liquidity requirement. Banks will also benefit from reduced costs because Akoni is a self-service platform.

The problem

It's commonly stated that SMEs are 'the bedrock of the economy' and 'the engine of growth'. Yet SMEs are not well served by the traditional banking sector.

In the UK, £258bn of SME cash is languishing in accounts that earn little or no interest.

Meanwhile, banks hold £100bn in high-quality assets that are unavailable for lending.

What's more, banks are facing increased demand from SME customers, combined with regulatory pressure from the CMA's Open Banking revolution, PSD2 (Revised Payment Service Directive), and Basel III Liquidity requirements, as well as implementing the PRA’s ring-fencing changes by 2019.

This is a huge societal problem:

  • In the UK, there are 5.2m SMEs and 70 banks
  • In Europe, there are 21m SMEs and 9,000 banks
  • In the USA, there are 28m SMEs and 7,000 banks

The solution

Using AI and machine-learning innovation, Akoni changes the current situation into a win:win for both sides. Our personalised Cash Management platform improves financial outcomes for SMEs, while at the same time creating an opportunity for banks.

SMEs with no in-house treasury benefit from a simple, online Cash Planner that helps maximise the returns they receive on their cash deposits, an automated Cash Allocation algorithm to save them time, and Cash Projection tools that apply data science and machine learning to generate more reliable cash forecasts.

Meanwhile, banks can 'white label' the portal. By changing customer behaviour, banks can use SME assets for lending, which generates higher returns and solves the Basel III liquidity problem leading to revenue uplift. They benefit from reduced costs (because Akoni is a self-service platform), and gain insight into customers' asset value, because data analytics can inspire cross-selling opportunities.

A bit about us

Akoni is headed by a powerful team that combines innovators with experienced bankers. After our UK launch, we seek to grow in other markets, and have identified the USA as a potential early adopter.

Akoni helps businesses make the most of their cash. Register for free at AkoniHub.com

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