Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

CBA-owned fintech unveils small-business app

mobile app data banking ta mobile app data banking ta
Malavika Santhebennur 5 minute read

A fintech firm fully owned by the Commonwealth Bank has released a mobile app for small businesses, which collates data and provides insights around cash flow and performance.

X15 Ventures (X15), a wholly owned subsidiary of the Commonwealth Bank of Australia (CBA), was launched this week to deliver new digital solutions to benefit Australian consumers and businesses.

The Vonto mobile app collates and sifts through a business’ data from platforms – such as Xero, Google Analytics, Shopify, Facebook and Vend – to provide 10 key insights and recommended actions on a daily basis. This could include insights around cash flow outlook, website traffic, social media engagement and product performance.

According to Vonto managing director Elliot Cousins, the app was developed to streamline processes and help save time, given that approximately 80 per cent of small businesses are using up to six separate business apps to operate their businesses.

Advertisement
Advertisement

Small-business owners are time-poor – for most business owners, there aren’t enough hours in the day to double click on what their business data is telling them, let alone decipher this information and know what to do with it. That’s where Vonto comes in,” he said.

“We decided to launch with a selective number of integrations and are looking to our users to tell us what integrations they want in future releases,” he said.  

The app has also been made available to small businesses that are not CBA customers. 

The launch of the Vonto app follows CBA’s recent move to overhaul its SME lending services by committing to hire more than 120 new small-business bankers, who will be placed in phone-based business centres, as well as branches in key areas.

Additionally, the bank rolled out business lending platform BizExpress, which it said would provide same-day lending decisions and quicker access to unsecured loans between $250,000 to $1 million.

PROMOTED CONTENT


According to CBA general manager, innovation and ventures, Toby Norton-Smith – the managing director of X15 Ventures – the CBA subsidiary intends to launch at least 25 ventures over the next five years, including Vonto.

It has already launched another app, Home-In, a virtual home buying “concierge” that aims to simplify the process of buying a home by leveraging a platform of accredited service providers like conveyancers and utility companies and providing access to tailored checklists and a dedicated home buying assistant.

[Related: CBA slips up in broker space as peers recover]

CBA-owned fintech unveils small-business app
mobile app data banking ta
TheAdviser logo

Are you a new-to-industry broker in the process of growing your business? Then there’s some great news: The Adviser’s New Broker Academy is back in 2021 and will provide you with essential insights into cutting-edge tools, strategies and processes to fast-track to success. Don’t miss your chance to attend. To secure your FREE place, visit newbroker.com.au now!

mobile app data banking ta
Malavika Santhebennur

Malavika Santhebennur

Malavika Santhebennur is the features editor on the mortgages titles at Momentum Media.

Before joining the team in 2019, Malavika held roles with Money Management and Benchmark Media. She has been writing about financial services for the past six years.

 

more from the adviser
Susan mitchell MC Mortgage Choice-Smartline leadership changes announced

The REA Group has confirmed changes to the Mortgage Choice-Sm...

woman broker documents ta Governments extend COVID support to NSW, Vic

The state and federal governments have offered support packages t...

Suncorp new broker portal ta Suncorp launches new broker portal

The non-major bank has released a new broker platform as it conti...