Liberty Bank selects Autobooks to support business banking

By Pavithra R

Liberty Bank, one of the largest mutual banks in the United States, has selected Detroit-based Autobooks‘ small business platform to embed in its digital banking platform.

Small businesses account for nearly 44% of the economic activity in the U.S. but have unique needs that are not served with out-of-the-box business checking accounts. By embedding friendly fintech, FIs expects to increase their core competencies and integrate their channels and services into the daily operations of their customers, effectively locking in those relationships.

The Liberty Bank team recognizes their digital offerings must keep pace with third party payment processors like Square, Stripe and other challenger fintechs. Autobooks has a proven track record of helping banks and credit unions (CUs) improve their small business product mix to better serve these critical customers and build long-term relationships.

“We’re now competing not only with megabanks, but with PayPal, Square, all these challenger fintechs. Innovative partners like Autobooks are essential to thwarting their attacks and keeping our small business customers satisfied. We can quickly and seamlessly add features like industry-leading digital payment acceptance into our banking channels to meet and exceed customer expectations,” said David Mitchell, EVP, general manager and chief digital officer of Liberty Bank.

Liberty Bank engaged Autobooks as a third party solution through the Alkami Platform, a complete digital solution for FIs that facilitates both retail and business user onboarding, engagement, and account servicing.

“Liberty Bank is a forward-thinking institution that’s constantly looking for ways to deliver more value to their customers. It’s satisfying to partner with such a progressive bank. They understand that their small businesses deserve industry-leading technology to compete in a digital-first marketplace. We’re thrilled that they’ve chosen Autobooks to enhance their platform with digital banking, payment acceptance, and small business ledgering solutions,” said Steve Robert, CEO of Autobooks.