Liberty Bank Selects Autobooks to Assist Small Businesses

Autobooks, a small business banking product suite, announced today that Liberty Bank, one of the country's largest mutual banks, has chosen the Detroit-based fintech's small business platform to embed in its digital banking platform.According to a new CI&T report, while small business banking clients have a high level of trust in their financial institutions, they also have high expectations for technology capabilities and awareness of external options for platforms that aim to make their lives easier.

The Liberty Bank team recognizes the importance of keeping up with third-party payment processors such as Stripe, Square, and other challenger Fintechs. Autobooks have been assisting banks and credit unions in improving their small business product mix to better serve their customers and establish long-term relationships.Liberty Bank contracted Autobooks as a third-party solution via the Alkami Platform, a comprehensive digital solution for financial institutions that enables retail and business user onboarding, engagement, and account servicing.

Small businesses account for nearly 44% of economic activity in the United States, but they have specific needs that are not met by standard business checking accounts. Financial institutions can increase their core competencies and integrate their channels and services into the daily operations of their small business customers by embedding friendly fintech, effectively locking in those relationships.

About Liberty Bank
Liberty Bank, founded in 1825, is Connecticut's largest mutual bank, with more than $7 billion in assets and 62 banking offices throughout the state. Liberty offers consumer and commercial banking, cash management, home mortgages, business loans, insurance, and investment services as a full-service financial institution. Liberty has been named a 'Top Workplace' for nine years in a row, demonstrating a long-standing commitment to superior personal service and unparalleled community involvement.

About Autobooks
Autobooks, based in Detroit, offers small business banking solutions such as digital invoicing, online payment acceptance, cash flow management, automated accounting, and financial reporting. Autobooks provides pre-built integrations to industry-leading core and merchant processing solutions, as well as dedicated go-to-market support, allowing financial institutions to launch in as little as 90 days on average.