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#NEW COOKIE JAM LEVELS SOFTWARE#
#NEW COOKIE JAM LEVELS TRIAL#

For more information about our organization, please visit ey.com. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.ĮY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. This support can be crucial for small businesses to grow, resulting in a boost to the wider economy – and leading to lasting, trusted customer relationships for banks and SMEs alike.ĮY | Assurance | Tax | Transactions | AdvisoryĮY is a global leader in assurance, tax, transaction and advisory services.

Entirely online management of invoice and loan due datesĬashbot can support banks to build strong, central relationships with SMEs, granting the necessary financing and support to help them to thrive.

Stabilizes cashflow to facilitate reinvestment.

Optical character recognition (OCR) components available for process automatization.

Robust credit scoring compared to traditional approaches.

Smart digital product that complements existing product portfolio.

Market differentiator for a new client segment.

Fast implementation support time of a ready-made solution.

New revenue streams and acquisition of new clients.

Given the success of Cashbot, EY is developing additional SME-focused credit solutions, such as investment and working capital loans.īoth banks and SMEs benefit: Advantages for banks: Based on analysis of the Czech market and the number of SMEs active there, the EY team has calculated that Cashbot could eventually help approximately 25,000 to 50,000 SME customers or approximately 10% of the target market. Since its first year in the market, Cashbot has grown rapidly, financing more than 5,000 invoices in the Czech Republic alone, with that number expected to increase. Subsequently, the SME pays the money back to the bank after receiving the issued invoice from its customer.ĭuring its development, the EY team helped to ensure that Cashbot complied with local and EU regulations, along with developing an AI-enabled scoring engine and anti-fraud controls. The business receives its money from a bank on the next business day and, generally, the financing is 30 days longer than the invoice due date. SMEs can also decide whether or not they want to insure the invoice. The app works by allowing an SME to upload its invoice to the app and choosing its preferred financing option based on the value to be reimbursed and the one-off fee. Overall, the app can be deployed by banks within three months. The entire platform operates in the cloud, reducing a bank’s IT load.

It also provides the potential for third-party insurance against the SME customer's inability or unwillingness to pay the invoice.įor banks that are interested in servicing SMEs and have an appetite to enhance their digital services, Cashbot’s easily integrated software ensures that banking integrations are minimal and quick to set up. The result was Cashbot – an AI-enabled app which offers the financing of invoices for SMEs. The success of the proof-of-concept stage provided the team confidence to build the full-scale app. This avoided the risk of large, early-stage investment. According to Jakub Hytka, Senior Manager, Ernst & Young, s.r.o, in building a minimum viable product that was not fully automated, it was possible to test the platform very rapidly after a couple of months of development with real clients to assess the market potential.

To confirm that the platform worked, the EY team conducted a three-month trial with one of the largest banks in Central Europe. This would enable better management of an SME’s cashflow despite the common challenge of late payment and the complexity of getting a working capital loan from banks.

Tapping into an ecosystem of technology partners and startups, the EY team worked to develop a solution which would help raise finance against already-issued – but as-yet unpaid – invoices.

#NEW COOKIE JAM LEVELS SOFTWARE#

#NEW COOKIE JAM LEVELS TRIAL#