Mphasis, an applied technology services provider focusing on cloud and cognitive services, has declared its strategic partnership with US-based Upswot, a fintech startup. Upswot provides an innovative technology platform that helps banks and other financial institutions with alternative data to increase sales and marketing insights for business banking customers.

The partnership is looking forward to creating a joint solution that offers help for US-based regional and global banks in increasing revenue and provides insight-driven services to their small and medium businesses (SMBs) and mid-market customers. The solution allows access to over 120+ apps used explicitly by SMB and mid-market customers and is merged with sophisticated KPI-oriented analytics. The platform provides an overall powerful digital experience for its customers and the bank’s relationship managers.

The platform is an online banking and onboarding add-on that allows SMBs and mid-market companies to provide approved, ongoing access to financial, sales, and marketing data within the apps they frequently use to operate their companies.

All the raw data shared is translated into structured data that is re-evaluated continuously to provide actionable risk, marketing, and business insights that support both the bank and the business clients of the bank. Different apps used by SMB and mid-market customers, such as QuickBooks, Salesforce, Amazon, Xero, eBay, Shopify, Freshbooks, Freeagent, Microsoft Dynamics GP, and Sage and some other receives API-enabled access through the platform.

The collaboration will be incubated through the Mphasis Sparkle FinTech Innovation Ecosystem, which curates innovative and disruptive technologies created for groundbreaking solutions for businesses at lower risk and cost.

“In these challenging times, banks are playing a key role in supporting the SMB and mid-market businesses. A significant number of SMB’s lack the tools and/or experience to make data-powered decisions on sales predictions, customer churn and acquisition costs, financing, and related areas – a problem that their banks can help solve, with access to the right data about their customer’s operations. We are passionately focused on helping our banking and financial services customers leverage innovative, technology-based solutions to provide better services to their customer base,” said Dinesh Venugopal, President of Mphasis Direct Business Unit and Digital.

“Upswot is helping reimagine the way banks engage with and grow their relationships with SMBs. We are pleased to partner with Upswot as a part of our ‘Sparkle Innovation Program’ at Mphasis. With Sparkle, Mphasis serves as the bridge between the supply and demand sides of innovation by collaborating and co-innovating with startups and other Innovators from academia and research to bring a contextual design to our enterprise customers, at much lower costs, risk, and faster time-to-market. Upswot is yet another shining star in our constellation of Innovation partners that form our robust innovation ecosystem,” he added.

Dmitry Norenko, CEO and Founder of Upswot, commented, “33 million SMBs in the US need their banks to become more supportive and provide insights into what they should improve, and which aspects of the business they should pay more attention to. By unlocking the power of API-enabled data in scoring, underwriting, and marketing automation, banks can build and offer new products, become proactive, risk-aware, and sales efficient, while their SMB and mid-market clients will get a personalized approach and the tools to make insight-based business decisions. Upswot fulfills the needs of both sides with actionable insights from hundreds of apps to help banks generate more revenues and their clients grow their companies more efficiently.”