9 Spokes International Ltd (ASX:9SP) co-founder and CEO Adrian Grant spoke to investors at this week's Proactive Revenue Webinar about the different strategies the company uses to drive business forward and to address the market's current state of flux.
The company believes that within the next three years all credit organisations and loan management will be assessed and approved with the benefit of historical and predictive data.
Grant said the company had spent five years building the data, information and knowledge tools to play a vital role between SMBs (small businesses) seeking credit and banks providing it.
He said: “Where there is flux there is opportunity and we aim to capture our share of the market.”
Small business outlook
Grant added that small businesses were increasingly turning to digital platforms to get the financial support they needed.
He said: “The market is immense with many estimates that small businesses account for more than 90% of businesses globally.”
A growing number of fintechs were competing with banks within the small business market and, he said, financial institutions needed to stay competitive by providing a more personalised service that met the evolving needs of small business customers.
Grant continued: “9 Spokes seeks to unify these efforts, enhancing traditional banking data from across a business to provide a clearer view of business health.”
Four products to solve market solution
The company’s mission, he said was to bring together information and tools businesses needed to grow and thrive in one space, as well as leverage the power of the ecosystem to support the SMB-bank relationship.
Four products combine to form the 9 spokes solution – track, connect, engage and monitor.
Track is the company’s primary tool, which is data-driven and designed to give a business a 360-degree view on their business with the ability to drive insights, action and forecasting on potential future performance.
Connect works to connect apps with services and bank feeds to power the tracker and streamline operations while engage is 9Sp’s marketing tool designed to drive acquisition and engagement.