Virgin Money worked with Kiwi SaaS 9Spokes to create a customized version of its business dashboard offering, M-Track, to generate more robust insights for the bank and its customers.
This collaboration is part of Virgin Money’s strategy to improve its product offering for small and medium-sized business (SME) customers.
Businesses note that businesses of all sizes create vast amounts of data such as cash flow, bank balances, inventory, and marketing results, which are typically found in various places.
Because of this, many SMB business owners find themselves switching between different services and platforms, perpetually logging in and out and never having full visibility.
Kiwi technology company 9Spokes has been providing cutting-edge insights to SMBs since 2012.
Its dashboard allows SMB managers to connect all of their departments in a centralized hub and get a complete picture of how their business is running, a view that was previously limited to enterprise-wide businesses.
“When we started, apps were being developed quickly and we realized that business owners wanted to leverage their data in a meaningful way,” said Jesper Peterson, chief technology officer at 9Spokes.
Additionally, 9Spoke recognizes the increased agility, resilience and creativity the pandemic has demanded of SMB operations and says its offerings have become a valuable addition to banks’ platforms and their SMB customers.
The 9Spokes platform is built in the cloud on Azure and enables consistent updates, easy global scaling, and industry-leading security.
Virgin Money UK is a bank that has undergone a significant transformation, integrating with another company and working to create a new type of bank.
In 2020, it received a £35m grant from Banking Competition Remedies to boost its business banking support.
Virgin Money is working with a group of SaaS partners, including 9Spokes, to build a new product offering for SMB customers as part of its growth plan.
“Time is the most valuable asset SME managers have,” says Graeme Sands, head of commercial products and loans at Virgin Money UK.
“They often struggle to do it all, which means many will benefit from trying to consolidate and use data from multiple sources.”
9Spokes worked with Virgin Money and the bank’s other partners to create M-Track to help save time for its SMB customers and ensure the data has value for them.
M-Track is a client version of the 9Spokes platform designed specifically for Virgin Money clients.
The offering was previewed in late 2021 and fully earlier this year.
It offers all the benefits of 9Spokes, with the added benefit of single sign-on and deep integration with corporate banking data, putting businesses’ bank balance alongside the rest of their data.
M-Track gives Virgin Money customers an instant view of their business’ position by connecting all of their separate business applications onto a single platform.
Moreover, this visibility provides personalized insights by combining data from various sources such as checking accounts, accounting software, e-commerce platform, social media, and other business tools.
The online platform gives businesses the intelligence to spot opportunities to maximize their potential.
This includes cash flow monitoring, which allows customers to make spending decisions and provides valuable information that helps in forecasting.
“M-track allows customers to bring together their banking information with data from the other systems they use to run their business, making it easier for small businesses to track, plan and see the big picture via single dashboard,” says Sands.
Where Virgin Money and other banks may have already tried to build an offering like M-Track on their own, working with 9Spokes has allowed for faster development and continued support in line with the core platform of the company.
“The 9Spokes platform was well aligned with the foundations of what we wanted to build, with so many connections out of the box. Working with 9Spokes means the speed at which we were able to develop M-Track and put it on the market has been increased,” adds Sands.
M-Track benefited from a decade of 9Spokes ideas and integrations in the first year of development.
Looking ahead, the companies note that Virgin Money customers will see new features regularly.
Additionally, 9Spokes uses Azure DevOps, which will facilitate rapid updates to these features.
“We update our platform every two weeks, so we’re constantly adding new features,” says Peterson.
“These updates are rolling out to the core 9Spokes platform as well as M-Track, and we can customize the rollout of new features using feature flags to ensure we’re delivering the best experience to customers. of Virgin Money.”
9Spokes’ platform also provides Virgin Money with insights into how its customers use the platform, giving them a more informed approach to developing additional products and offers for its business customers in the future. .
“9Spokes is an incredible example of a Kiwi company doing great things on the big stage,” said Hayley Horan, Microsoft SaaS Partner Manager in New Zealand.
“Due to the speed, growth and experience within the SaaS community, many companies are moving away from developing solutions in-house and realizing that integrating and customizing their product offerings with existing technological solutions is a much more cost effective solution.
“Great software can help create opportunities for businesses of all sizes, and it’s exciting to see the 9Spokes team deliver improved solutions for small and medium-sized businesses, not just at home, but around the world.”