DETROIT--(BUSINESS WIRE)--Autobooks is a small business payment and accounting platform integrated within a financial institution’s digital banking experience. Today, the company announced that it has been recognized as a finalist for the inaugural Finovate Awards along with ChoiceOne Bank, a subsidiary of ChoiceOne Financial Services, Inc. (OTCBB: COFS).
Autobooks and ChoiceOne have been recognized in the Best SMB/SME Banking Solution category, given to a financial institution that excels at engaging with small and medium sized businesses by offering quality products and an exceptional digital experience. By partnering with Autobooks, ChoiceOne Bank has simplified the way small businesses get paid and manage finances within its existing digital banking channels. The bank has become a one-stop digital destination for the rapidly evolving small business segment by driving new account openings, increasing deposits from current SMB clients, and capturing additional fee income.
ChoiceOne has a strong focus on small business banking and supports these customers with mobile banking and deposits, innovative payroll solutions, online loan applications and account openings. The bank wanted to find a way to serve all the banking needs for this segment – including simple billing, card not present payment solutions and accounting tools. Deploying the core integrated Autobooks solution enabled the bank to win back customer data from non-bank providers, identifying new areas for growth and expanding current banking relationships. By the first year, 3.4% of qualified small businesses enrolled, deposits increased by an average of 13%, and digital engagement increased by 20 logins per month per small business. And most recently, the bank surpassed $1 million in invoicing for its small businesses.
Adom Greenland, senior vice president and chief operating officer of ChoiceOne Bank, said, “This recognition from Finovate reinforces the value of expanding digital offerings for our small business customers. Such services have enabled our bank to bring the small business relationship full circle, offering more tailored solutions that meet the needs and demands of our local economy. Having a differentiated small business solution will continue to aid customer retention and growth by providing resources for even more small businesses as we double our footprint across Michigan.”
Steve Robert, co-founder and CEO of Autobooks, added, “Finovate is a market leader with a reputation for spotlighting innovative solutions that meet market demands. There has been a call for better small business services from their stage, and Autobooks is well positioned to help progressive financial institutions like ChoiceOne Bank seize this growing market opportunity with confidence and ease. We are proud to be named a finalist for this inaugural award, and to highlight the success of our partner ChoiceOne Bank. This is just the start of our long-term commitment to reinventing small business banking for institutions by providing the proper tools to serve our nation’s 30.2 million small businesses.”
The Finovate Awards will recognize 19 banks, fintech firms and individuals who are making an impact in the financial services industry. The winners will be announced on September 24, 2019 at The Edison Ballroom in Manhattan with a gala dinner to bring together fintech leaders from across the industry.
About ChoiceOne Bank
ChoiceOne Bank is a full-service financial institution with offices in Kent, Ottawa, Muskegon and Newaygo Counties. Member FDIC. ChoiceOne Bank offers insurance and investment products through its subsidiary, ChoiceOne Insurance Agencies, Inc. ChoiceOne Financial Services, Inc. is the holding company headquartered in Sparta, Michigan and the parent corporation of ChoiceOne Bank. The company is publicly traded and is available on the OTCBB under the symbol “COFS.” For more information on the bank, please visit ChoiceOne’s website at www.choiceone.com.
Detroit-based Autobooks is a provider of small business banking solutions that integrate within a financial institution’s digital experience. Through Autobooks, banks and credit unions can become a digital destination for small business owners, helping build stronger relationships, grow deposits and identify opportunities to increase fee income. Please visit www.autobooks.co to learn more.