OneWest Bank Launches New Small Business Banking App

prnewswire.com | January 31, 2020

OneWest Bank, CIT's Southern California branch network, today announced the launch of a new small business mobile app, a new platform to help small business customers seamlessly reach their financial goals. The OneWest Bank business app empowers small businesses to pay bills, digitally deposit checks, transfer funds between OneWest accounts, schedule appointments and locate the nearest branch. In addition, customers using the app can apply for funding to support their equipment financing and working capital needs directly from their mobile devices. "Small business owners are often on-the-go and are increasingly reliant on digital banking tools to keep up with their busy schedules," said Heather Ellison, head of Retail Banking for OneWest Bank. "Our new app is an accessible and convenient solution for local entrepreneurs looking to manage their money digitally, from anywhere at any time."

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Small business spends an average of $4,879 annually on social. Big business spends an average of $24,538 annually on social. 53% of small businesses measure social success via comments and likes. 1in 3 small businesses now use paid social advertising

Spotlight

Small business spends an average of $4,879 annually on social. Big business spends an average of $24,538 annually on social. 53% of small businesses measure social success via comments and likes. 1in 3 small businesses now use paid social advertising

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BUSINESS STRATEGY

Credit Karma Expands Credit Karma Money™ to Small Business Employees through Intuit QuickBooks Integration

Credit Karma | August 20, 2021

Credit Karma, the consumer technology platform with more than 100 million members in the U.S., today announced its integration of Credit Karma Money and Intuit QuickBooks Online Payroll, the number one online payroll provider for small businesses. Consumers pay more than $30 billion in banking fees each year. Through this integration, Credit Karma and QuickBooks hope to keep more money in the pockets of hard working small business employees, giving them the option to deposit their paycheck into a Credit Karma Money Spend account2. Now, employees paid through QuickBooks Payroll can seamlessly sign up to have their paycheck automatically deposited into a Credit Karma Money account. In fiscal year 2020, QuickBooks Payroll products processed payments for more than 15 million employees, accounting for more than $208 billion in payroll annually. This initial integration with QuickBooks Online Payroll will enable Credit Karma to rapidly scale Credit Karma Money, the company's biggest venture to date, while also giving employees paid through QuickBooks Payroll a better way to spend, save and manage their money. “When we joined forces with Intuit, we knew there would be opportunities for our businesses to partner to build a more holistic financial ecosystem for members to manage all aspects of their finances all in one place and their paycheck is a major part of that,” said Ken Lin, Founder and CEO of Credit Karma. “This integration will enable us to reach small businesses and provide their employees, many of whom are living paycheck to paycheck, with a better overall checking and saving experience.” Credit Karma Money is a money experience that offers free-to-open checking and savings accounts3 with no credit checks, no minimum balance to open and no hidden fees, along with access to a fee-free network of more than 55,000 ATMs nationwide for members with Spend accounts4. Customers who sign up for Credit Karma Money Spend will also have access to features like Instant Karma™, which incentivizes good spending behavior by giving members a chance to win back their money when they spend cash they already have in their accounts.5 Employees can now opt to deposit their paycheck into Credit Karma Money through their employee portal, QuickBooks Workforce, which gives them on-demand access to their pay stubs, hours worked and W2s. In the coming months, Credit Karma Money will also integrate with QuickBooks Desktop Payroll, providing even more small business employees with the option to open a Credit Karma Money Spend or Save account and, for some, the potential to receive paychecks up to two days in advance of their designated payday. “More than 70 percent of employees paid through QuickBooks Online Payroll are hourly wage earners who make less than $50,000 a year,” said Laurent Sellier, Vice President and Business Leader, Intuit QuickBooks Online Payroll. “The integration between Credit Karma Money and QuickBooks Payroll will make it easy for small business employees to manage their money and keep more money in their pockets.” This marks the second integration since the close of Intuit’s $8.1 billion acquisition of Credit Karma, and the latest example of the companies partnering to deliver a more integrated product experience for their customers, quickly and at scale.Credit Karma is an independent third-party and is not a bank. The Credit Karma platform facilitates the opening and managing of Spend and Save accounts offered through our bank partner MVB Bank, Inc., Member FDIC. About Credit Karma Founded in 2007 by Ken Lin, Credit Karma, an Intuit company , is a consumer technology company with more than 110 million members in the United States, U.K. and Canada, including almost half of all U.S. millennials. While best known for pioneering free credit scores, the company’s members turn to Credit Karma for everything related to their financial goals, including identity monitoring, applying for credit cards, shopping for loans (car, home and personal), savings accounts and now checking accounts through our bank partner, MVB Bank, Inc., Member FDIC — all for free. About Credit Karma Money Credit Karma Money is a new money experience from Credit Karma, the personal finance platform more than 100 million Americans already trust. Credit Karma Money Save accounts are free, interest-bearing savings accounts with no fees, no minimum to open and no catches. Newly launched, Credit Karma Money Spend accounts are checking accounts free of hidden fees with features like up to two-day early access to paychecks6 and Instant Karma, which incentivizes good spending behavior by giving members a chance to win back their money when they spend cash they already have in their accounts.

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FINANCE

Hydr Launches a New Invoice Finance Platform for Small Businesses

Hydr | May 25, 2021

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SMALL BUSINESS TRENDS

SAP and MarketUP to Jointly Offer an Integrated System for Small and Medium Retailers

SAP | March 08, 2021

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