Over the past two years, more consumers shifted their preferences and behavior toward digital engagement than they have in the last decade.
As a result, most industries will fail to ever look the same again, especially the banking industry which was forced to shift its clientele away from physical branches and toward online transactions. As a completely digital platform, Verivend helps financial institutions transform their online banking experience by offering an enterprise payments platform to their business banking customers.
How Verivend Was Founded on Digital Grounds
Verivend was co-founded on the idea that there was a better way for businesses to do business. This need grew from the desire to eliminate paper checks and invoices that too often ended up lost in the pile and provide one central location to securely transact and track payments. Specifically, better invoice tracking became essential as business owner and co-founder of Verivend Aaron Santarosa needed a better system that would allow him to see that his invoices were acknowledged, processed, and paid. The result? A completely digital financial institution that reduces time and costs associated with B2B transactions. Not only does the Verivend platform leverage the consumer shift toward technology but provides a seamless and user-centric experience as well.
A Cutting-Edge Partnership with Lake Shore Savings
Most consumers have or have started to embrace the idea of a multi-platform-based business that reduces friction, lowers costs, and provides flexibility and speed-to-market. Thus, the standard banking business model is no longer sustainable in the years to come, forcing banks to quickly identify new and improved fintech solutions.
One of the fastest-growing banks in Western New York, Lake Shore Savings Bank did just this when they struck up a partnership with Verivend in order to innovate their banking process. Now, Lake Shore Savings Bank business customers can seamlessly integrate Verivend into existing AR and AP systems and workflows to modernize their customer experience offerings and increase customer retention. This means, thanks to this savvy tech partnership, neither consumers of Verivend nor Lake Shore Savings have to worry about messy paper trails or disorganized email chains. Instead, they’re provided with efficient, secure, and instant digital payment processes.
Innovation and Integration Take Importance
Though many banks and credit unions didn’t hesitate to move quickly toward a digital model for their consumers, there’s no denying that to maintain long-term success it’s time to go beyond the basic digital offerings. Many of the new digital-only banks use open platforms and cloud technologies to integrate with outside vendors like Verivend as a way to continuously innovate their fintech.
We’re leaving the old way of doing things in the past where it belongs. Instead, we’re encouraging banks to innovate their offerings to see how much business banking customers can save by integrating Verivend with their current accounting processes.