The future of business banking
We’re happy to announce that Xero received the “Best in Show” award at the tenth annual Barlow Research Client Conference earlier this month in Chicago, Illinois. Representatives from more than 40 top financial institutions were present to vote Xero as the award winner of the Innovation Showcase.
The other Showcase participants included: BCSG, Biz2Credit, Capital Access Network, Lattice Engines, Mitek and Vertical IQ. Each company presented a seven minute demo of their product or service. Once the showcase was completed, the audience voted (via SMS) for Best in Show from among the presenters. In the final moments of the Conference on Wednesday, Xero was announced as the winner!
We used our seven minutes to share Matt Vickers‘ “Closer Banking” concept using a mix of slides and real-time demo. This was slightly challenging given the time constraints, and the non accountant audience. The fact that Xero’s message resonated with the voters is a testament to the value they see us adding to the small business banking equation.
Banks are working out that online accounting is adjacent to online banking. We’re going to see rapid innovation now as banking and accounting becomes seamless.
This messaging, combined with the idea that Xero’s data file transfer process may help them move away from expensive OFX servers, drove them to vote for Xero as the clear winner. The banks loved seeing their brand present in the accounting equation, and as a result, we’re now in discussions with several major banking players present at the event.
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