Lili has introduced Lili Connect, an innovative Embedded Finance solution tailored to the unique needs of small businesses, integrating banking, accounting, and tax management tools into one streamlined platform. Lili Connect allows partner companies to embed financial management tools directly into their systems, enhancing their clients’ ability to manage finances with ease.
With Lili Connect, partner companies can offer a range of services designed for small business owners, including business checking accounts, automated transaction categorization, and tools for invoicing, bill pay, and tax savings. One standout feature, the Tax Bucket, enables small businesses to allocate funds for tax payments, reducing end-of-year stress. Partners also benefit from an embedded application process, allowing clients to open business accounts online within minutes, significantly reducing onboarding time compared to traditional banking.
A Shift from Traditional BaaS to Embedded Finance
Unlike standard Banking-as-a-Service (BaaS) models, Lili Connect minimizes operational challenges related to risk, fraud, and compliance, offering a simplified financial infrastructure for partners. This embedded solution not only enhances user experience but also boosts operational efficiency for partner companies, who can now offer banking services without directly managing complex financial infrastructure.
Enhancing Revenue and Customer Engagement for Partners
By adopting Lili Connect, partner companies gain access to new revenue channels and can foster stronger customer loyalty. The solution also offers valuable financial data, allowing companies to refine and personalize their customer experience. Furthermore, with tailored tools for small business clients, partners can support growth and offer more customized financial solutions.
Expanding Partnerships for Broader Reach
Lili has already collaborated with leading business service providers, such as Dun & Bradstreet, to aid clients in building business credit, as well as with TouchSuite and Convesio to enhance merchant services and eCommerce support. These strategic partnerships underscore a rising trend in Embedded Finance, a sector projected to hit USD 7.2 trillion by 2030, according to Dealroom.
Addressing Small Business Banking Challenges
Small businesses often face barriers to financial services due to the lengthy onboarding processes and high fees characteristic of traditional banking. Limited options for managing finances across platforms make it challenging for small business owners to access the tools they need for streamlined operations, such as automated tax planning and invoicing. Lili Connect addresses these needs with features like rapid account setup, automated transaction categorization, and tax-saving options, creating a comprehensive, accessible finance solution tailored to small businesses.
Conclusion
Lili Connect redefines finance management for small businesses, offering efficient, accessible financial tools through an Embedded Finance model that minimizes operational burdens for partners. By empowering small business owners with integrated, user-friendly solutions, Lili Connect stands as a game-changer in the growing Embedded Finance landscape.
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