Products: BuyingTeams Bank Collaboration
Overview: The BuyingTeams’ Bank Collaboration tool, launched in May 2022, is a solution through which companies can keep score of their banking partners’ performance in all aspects of their business relationship, on a global level. It enables them to follow the development over time in an online business intelligence dashboard. All corporate colleagues, throughout the organisation, working with banks can be included and provide detailed data for front-office personnel, directly in dialogue with the banking partners.
The idea is to make benchmark data on banks, countries, and industries more easily available for corporate consumption. The solution has been developed with the ambition to provide value for banks and corporates. To that end, both corporates and banks have provided input to the features necessary to achieve that.
Features for corporates include among others:
- Quick access to reliable, detailed, and structured data for bank meetings
- A full data dashboard on all banks used
- Feedback from all colleagues working with banks
- Benchmark reports on banks and banking services
- A report generator for tailored reports on banking partners
- Ability to manage and share requests and ideas with banks
BuyingTeams’ Bank Collaboration is available as SaaS (web and app) and comes with REST API for integration with Power BI or other systems.
Large corporates are using the solution free of charge. Users are primarily large and international corporates, but in essence all corporates wishing to measure their banking partners’ capabilities and service levels over time could benefit from the solution. All employees working with banks in the individual companies can have a profile and provide data.
Banks can subscribe to the corporate feedback data, based on which country and/or banking product areas they wish to receive data on. They have the same access to real-time data from their corporate customers via a business intelligence dashboard.
Clients: Targeting large international corporates
Revenue: Company was founded in 2021, with a recent launch of software developed during 2021/2022. First annual report covers 2021/2022
Active region(s): Europe, US
Partners: Three (Ole Wulff, Daniel Lapp, Claus Nielsen)
Funding: Private business angel
Ownership: Private (founders and business angel)
Elevator pitch: “The vision behind BuyingTeams is to digitise the industry of customer collaboration, – specifically the collaboration between corporates and their banking partners, to enhance the relationship through dialogue and data.
“Many corporates and banks have provided input, before and during development, for features within the solution, to ensure that it brings value to both sides.
“Corporate treasurers will experience banking data like never before, as they can collect, analyse, and benchmark data from all relevant people in the organisation working with their banks – globally and on all banks. The solution makes this possible with very little effort and generates high value for the corporate.”
Phone:+45 31 47 22 80
TMI view: The ability to rapidly review the performance of banking partners across the entire enterprise gives treasurers a strong bargaining hand. With banks able to access the solution’s data too, it could provide the catalyst for better outcomes all round.
Verdict: A platform that has real value in keeping on top of one of treasury’s key external relationships. Expect considerable interest.