In summer, monobank app will have separate functionality for business
monobank announces the launch of a new product for entrepreneurs
monobank plans to launch a separate product for entrepreneurs this summer. The joint project of Universal Bank by Sergiy Tigipko and Fintech Band by Oleg Gorokhovsky, Mikhail Rogalsky and partners will be available in July or August, writes Forbes.
This was announced by Serhiy Tihipko during the Forbes conference “Money for Victory” on May 30. Mono co-founder Oleg Gorokhovsky, who announced the development at the end of 2023, confirmed plans to launch in the coming months.
A new direction for monobank
monobank, which has so far served individuals and individual entrepreneurs (IEs), plans to expand its services to the corporate sector (i.e. LLCs and others). According to Tigipko, out of the bank’s 8.4 million retail customers, about 250,000 are individual entrepreneurs. Already, more than 30% of private entrepreneurs use the mono app. Now the bank is looking to serve legal entities as well, which, according to Tigipko, will be a real breakthrough.
How “mono for business” will work
Oleg Gorokhovsky noted that servicing legal entities in banks is often complicated, but monobank strives to make this process more convenient and understandable. The new functionality will be integrated into the monobank mobile application and will allow you to view your balance, statements, recent transactions, grant access to employees, sign payments and set limits in a few clicks.
Gorokhovsky also noted that most directors pass passwords from client banks to accountants or trustees and receive reports from them. The new functionality will help avoid this problem by providing easy access to information for directors.
Beta testing and launch plans
According to Tigipko, the new product is in beta testing, which involves a number of companies. The response to business comments will be instantaneous. The launch is planned within a month and a half to two months, and business mono will focus on transactions rather than lending to companies.
Tigipko hopes that the new project will help Mono attract new customers from other banks.
Business needs and competitiveness
The founders of small and medium-sized businesses Forbes spoke to say they need an all-in-one solution. This solution will allow you to focus on sales and marketing rather than accounting. Many people want to have a single application to combine several accounts of legal entities or individual entrepreneurs, the ability to provide multi-level access for employees, which optimizes business processes.
However, some medium-sized companies believe that such solutions are less interesting because they need favorable loan offers. Affordable lending, which could encourage businesses to consolidate in one bank, remains an open question.
Challenges and future prospects
The new functionality from monobank can save time for business owners and managers, but the issue of a full-fledged partnership between the bank and entrepreneurs remains open. Business owners demand that banks understand their needs and provide appropriate products, such as overdrafts or credit lines.
Businesses also need additional amenities, such as the ability to order cash through postal machines, which would greatly simplify financial transactions.
The monobank’s new product promises to make banking more convenient and efficient for entrepreneurs, but the market will be competitive and success will depend on the bank’s ability to meet the diverse needs of businesses.
