Mphasis partners with FinTech startup Upswot to offer marketing insights though alternative data

By Pavithra R

Mphasis, offering next-generation technology to help enterprises transform businesses globally has announced that the company has entered into a strategic partnership with US-based Upswot, a FinTech startup offering an innovative technology platform to help banks and other financial institutions increase sales and marketing insights for business banking customers, through alternative data.

The collaboration will focus on creating a new joint solution to help US-based regional and global banks increase revenue and provide insight-driven services to their SMB and mid-market customers. The solution will enable access to more than 120 apps typically used by SMB and mid-market customers and combines sophisticated KPI-oriented analytics. The solution aims to offer a powerful overall digital experience for the bank’s customers and relationship managers.

“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, Mphasis Direct and Digital.

The partnership will be incubated through the Mphasis Sparkle FinTech Innovation Ecosystem, which curates new and disruptive technologies to build solutions for enterprises faster and at lower cost and risk. The platform is an add-on to online banking and on-boarding empowering SMBs and mid-market businesses to provide authorized, continuous access to the financial, sales, and marketing data. All the raw data shared is turned into standardized data which is continuously re-assessed to provide actionable risk, marketing, and business insights that benefit both the bank and the bank’s business customers.

“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,” said Dmitry Norenko, co-founder and CEO of Upswot.

Founded in 2019, Upswot is a white-label platform available both on-prem/private cloud and through a single RESTful API/SaaS. It helps financial institutions grow their SMB/Mid-Market sales by 18% with insights into QuickBooks, ADP, Xero, Shopify, Amazon+ 119 other apps.