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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.

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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.

Stay tuned…

 

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6 comments

Gayle Buchanan
29 May 2013 #

Congratulations team, proving ‘sharing’ is the way to go globally … love our work

Kirsten Hawke
29 May 2013 #

Congratulations – the trophy cabinet must be bursting at the seams!!

David Pollock
29 May 2013 #

All kudos are appreciated :). Thank you both for your kind words.

Robbie Dellow
29 May 2013 #

Congrats for the award and v.pleased to hear the excellent reception from the USA attendees + banks.
Your comment ‘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’ – couldn’t agree more, and as a long-term shareholder are excited for Xero’s future traction in this key market and getting more banks on board.

Rob Seeell
30 May 2013 #

Wow. Simply wow. Great idea to approach integration this way and huge value for all. This is what I call innovation and actually makes accounting about as exciting as it can be! I’m not an accountant but do advise businesses and will pass this on to my clients, two of whom are considering Xero right now. Kudos and good luck!

David Pollock
31 May 2013 #

Thank you Robbie and Rob! The US Banks are definitely getting it… It’s a long sell-cycle, but this warm reception at Barlow is a great indicator of good things to come!

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