Financial institutions are often eager to work with property management companies because they are typically “high asset” clients. However, property management is a unique industry governed by specific business rules for managing accounting procedures.
Specialty applications such as Vantaca, FrontSteps (formerly Caliber), and Appfolio are designed to manage property management accounting, but when data is not fully integrated within any application, accuracy and efficiency can be a challenge.
File downloads aren’t ideal for sharing data with these solutions – they are prone to error and out of date as soon as the file is downloaded. Since property managers must maintain separate accounts for various aspects of their business, it is often difficult to view data holistically when it is siloed in various applications. Additionally, complex transaction flows, unique processes for collecting and logging payments from residents, and guidelines for how end-of-month statements must be reconciled all pose challenges when it comes to data sharing for property management.
For this leading commercial bank client, the property management/HOA market represents a significant opportunity. In order to best meet the needs of property managers and HOAs, the bank sought a secure, reliable way to make timely, actionable data accessible through the apps and solutions unique to the property management industry that they rely on to run their businesses.
By enhancing its digital services to include seamless integration with these tools, the bank could more easily acquire new property management customers and increase retention among existing ones.
Property managers and HOAs with accounts at this bank can now incorporate their financial information directly into their operational workflows, obtaining a holistic view of their accounts, payments, monthly statements, and other transactions from directly within the apps they use to streamline business operations.
By offering a superior digital experience, the bank can differentiate itself from its competitors, optimizing acquisition and retention of these high-value customers.