BankTech Ventures Invests in Data-Driven Messaging Tool Micronotes.ai

BankTech Ventures is proud to announce our investment of $2 million in Micronotes!

After speaking with many of our limited partners and recognizing the need for continuous deposit growth opportunities backed by real customer data and user engagement, we sourced Micronotes to be part of our ever-growing ecosystem of top tier bank-ready solutions.

Micronotes offers an automated financial messaging platform that leverages big data beyond your bank walls and machine learning technology to generate personalized marketing campaigns and customer touch-points. Through their partnership with Experian, Micronotes also enables financial institutions to lower customer acquisition costs via curated prospect pipelines. Curious as to what they can do for your bank? Check out our Fintech Speed Dating video featuring Parker Steed, VP of Sales at Micronotes, a quick demo on their website, or read more about them below.

Value Proposition

Micronotes provides the following options:

Enterprise Product

• Micronotes delivers engagement and cross-sell results that move the needle by engaging mobile banking and online banking customers with the Microinterview® conversational interface, shown to have outperformed banners by a factor of 26
• Response data from campaigns is used to improve targeting accuracy automatically for untapped customers in future campaigns
• Average community banks can increase # of products per customers from 2-3 to 5-6

Digital Prescreen Product

• Micronotes has partnered with Experian to create Digital Prescreen, a solution that helps financial institutions lower customer acquisition costs
• Digital Prescreen uses Experian credit data to generate a curated pipeline of potential customers for predetermined product offerings.
• For existing customers, the bank can leverage the Enterprise solution to message their pipeline.
• For prospective customers, the bank can leverage existing marketing campaigns or outreach efforts

Who Should Engage

If you’re a bank who:

1. Is looking to grow/retain consumer deposits and increase digital engagement through online/mobile banking
2. Is looking to regain market share from fintechs and mega banks through continuous, automated and quality loan growth in mortgages and consumer loans using big data from banks and credit bureaus

Implementation Process

• Enterprise

• ~ 1-2 months for existing integrations (Q2, DI, Banno in progress)
• requires integration to online or mobile banking solution
• Low lift, Micronotes handles all the work for the online banking integration

• Digital Prescreen

• ~ 3-4 months on average
• requires contract with Experian facilitated by Micronotes

• Core integration not needed (but an option); alternatively the bank can send customer extracts or ZIP codes they wish to operate in

Benefits for Banks

Over 100 FIs use Micronotes to start personalized conversations with their digital banking users.

Conversations are secure, compliant and open API accessible. The solution allows banks to:

• drive new and retain existing deposits
• refinance off-book debt via prescreened loan offers
• increase adoption and use of electronic services
• get reviews on social media from promoters
• continuously update customer contact information
• develop targeted campaigns to achieve KPIs across the organization
• measure and improve net promoter score

Connect with Pam (pam@banktechventures.com) or Parker Steed (parker@micronotes.com) to learn more.