Liberty Bank Chooses Autobooks to Support Small Businesses
Fintech partner enables small business banking customers with smarter digital payment acceptance.
DETROIT, June 24, 2021 /PRNewswire/ -- Autobooks, a product suite for small business banking, today announced that Liberty Bank, one of the largest mutual banks in the country, has chosen the Detroit-based fintech's small business platform to embed in its digital banking platform.
A new report from CI&T reveals that while small business banking clients have high trust in their financial institutions, they also have high expectations for technology capabilities and awareness of external options for platforms that aim to make their lives easier.
The Liberty Bank team recognizes their digital offerings must keep pace with third-party payment processors like Stripe, Square and other challenger fintechs. Autobooks has a proven track record of helping banks and credit unions improve their small business product mix to better serve these critical customers and cement long-term relationships.
"We're now competing not only with megabanks, but with PayPal, Square, all these challenger fintechs," said David Mitchell, EVP, general manager and chief digital officer of Liberty Bank. "Innovative partners like Autobooks are essential to thwarting their attacks and keeping our small business customers satisfied. We can quickly and seamlessly add features like industry-leading digital payment acceptance into our banking channels to meet and exceed customer expectations."
Liberty Bank engaged Autobooks as a third party solution through the Alkami Platform, a complete digital solution for financial institutions that facilitates both retail and business user onboarding, engagement, and account servicing.
"We recognize the strategic importance of embracing the best of fintech innovation and bringing the right partners into the Alkami platform," said Stephen Bohanon, Chief Strategy and Sales Officer at Alkami. "Autobooks has been a fantastic partner in the critical small business sector, and we look forward to continuing our work together as we enable Liberty Bank to deliver competitive and compelling solutions to their business customers."
Small businesses account for nearly 44% of the economic activity in the United States, but have unique needs that aren't served with out-of-the-box business checking accounts. By embedding friendly fintech, financial institutions can increase their core competencies and integrate their channels and services into the daily operations of their small business customers, effectively locking in those relationships.
"Liberty Bank is a forward-thinking institution that's constantly looking for ways to deliver more value to their customers. It's satisfying to partner with such a progressive bank," said Steve Robert, CEO of Autobooks. "They understand that their small businesses deserve industry-leading technology to compete in a digital-first marketplace. We're thrilled that they've chosen Autobooks to enhance their platform with digital banking, payment acceptance, and small business ledgering solutions."
About Liberty Bank
Established in 1825, Liberty Bank is Connecticut's largest mutual bank with more than $7 billion in assets and 62 banking offices across Connecticut. As a full-service financial institution, Liberty offers consumer and commercial banking, cash management, home mortgages, business loans, insurance and investment services. Named a 'Top Workplace' for nine consecutive years, Liberty maintains a longstanding commitment to superior personal service and unparalleled community involvement. For more information about Liberty Bank, visit www.liberty-bank.com.
Detroit-based Autobooks is a provider of small business banking solutions that include digital invoicing, online payment acceptance, cash flow management, automated accounting and financial reporting. Autobooks offers pre-built integrations to industry leading core and merchant processing solutions as well as dedicated go-to-market support, allowing financial institutions to launch on average within 90 days.
To learn more, ask your technology provider about Autobooks or visit www.autobooks.co to schedule time with the Autobooks team.