Original text here from Patrice Bernard (LinkedIn)
At the convergence of two major trends—enterprise finance management ("BFM") and the development of new services for SMEs—Portuguese bank Banco BPI, in collaboration with telecommunications operator NOS and with support from Personetics, is launching an innovative management solution.
Initially, the decision by a bank to launch an app separate from its traditional tools, and moreover to offer it for free to everyone, clients or not, is quite unexpected compared to conventional practices, whether in personal budget management or its professional equivalents. While there isn't an explicit business model at this stage, the potential of the system hints at numerous opportunities for revenue generation.
True to Personetics' decade-plus history of guiding the general public, the focus here isn't just on a simple dashboard showing categorized income and expenses aggregated from various accounts (via open banking interfaces, of course). Pulsoo is introduced as a comprehensive 360° management system for businesses, covering not just treasury and financing but also taxation, human resources, and more.
Subscribe to our newsletter:
While the platform initially approaches its target audience from a generalist viewpoint, adopting interactions suited to the average financial literacy of SME managers (which tends to be low), it also offers the highly personalized relationship that is Personetics' hallmark. This is achieved through continuous discovery and learning of each client's practices and expectations, thereby sharing key information and offering timely, relevant recommendations.
The primary goal is to ease the burden on business owners, freeing them from the need to constantly master every aspect of their organization, whether or not they have the skills. This includes automatic reminders of various obligations to prevent potentially catastrophic oversights, and ensuring all necessary data and tools for planning and forecasting needs are always at hand.
In summary, Pulsoo fundamentally serves as a financial wellness support tool for entrepreneurs. Despite its obvious roots in banking, it rightfully expands beyond this sector—potentially integrating further with it beyond current "open banking" access to simplify transaction execution on accounts. This direction could also provide the foundation for a business model.
