Bank branded expense management increasing bank revenues and commercial retention

Banks are losing SMB customers

Banks do not have the digital tools for small and medium sized businesses (SMBs) to control and manage business expenses made with credit cards, personal cards and cash . As a result, SMBs are turning to nonbank solutions such as Divvy and Brex who are taking away banks card portfolios, engagement and loyalty. Community and regional banks are seeing business customer attrition and declining digital payment volume, while global digital payments are increasing at 14% annually*. The obvious outcome - banks are losing customers and revenue to nonbank providers.

XpenseOne is here to change this......

*Source: Juniper Research

Products and Services for Which Businesses Are Most Likely to Use Nonbanks

                                                                                                                  Source: Aite Groups survey October 2015

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OPPORTUNITY

The SMB market is underserved and highly sought after. Banks have the opportunity to compete with nonbank solutions by offering tools for SMBs to automate and streamline expense management workflows.

Introducing XpenseOne, a bank branded expense management solution used to capture, approve and reconcile business expenses for SMB customers. The first ever digital automated expense management solution integrated within a banks online banking portal for a singular user experience.

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SINGULAR ECOSYSTEM

SMBs expect an online banking experience such that they can manage all financial transactions in one place vs. multiple data silos which is inconvenient and time consuming. XpenseOne is offered exclusively through the banking channel allowing SMBs to manage expenses and payments in the one place they know and trust....their online banking. Core integration enables XpenseOne to be offered with existing functions such as BillPay, ACH, and wires.

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REVENUE - Top of Wallet

Interchange revenue became the largest non-interest income for financial institutions in 2017. Competition for business top of wallet choice is fierce among banks and nonbank providers.

Offering credit and debit cards with only point rewards is no longer a competitive advantage nor is it a complete payment solution business need. Offer your debit and credit cards with XpenseOne to streamlines and automate the expense management processes from start to finish. With features such as card controls, real time push notifications and much more... your business card of choice becomes obvious and the only option for company employees, resulting in higher interchange revenue.

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RETENTION

A study done by Fiserv shows the average life-cycle of a customer increases anywhere from 200% to 400% with each additional product offered and used. Adopting XpenseOne as that additional business product, simplifies back-office workflows through automation. With automated reconciliation, business card controls, ACH reimbursements and receipt storage within the business online banking, customers for life is what you can expect.

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MAXIMIZE THE VALUE OF YOUR BUSINESS CUSTOMERS

XpenseOne was built specifically for small and medium-sized businesses. By partnering exclusively with banks, expense management becomes commoditized so there are no barriers to making XpenseOne available to all your business customers.

We believe expense management will become the next business banking standard enabling banks to maximize commercial customer value.

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