The Financial Web: stimulating the SME economy
Renowned as one of New Zealand’s leading technology entrepreneurs, passionate innovator and Xero CEO and founder, Rod Drury, launched the concept of ‘the financial web’ at Xerocon in August.
The financial web puts Xero at the heart of a cloud-based network that uses it’s strengths of current and live data to interconnect financial advisors, bookkeepers, financial institutions, insurance companies and other services. Xero have partnered with the National Australia Bank, CGU and Veda.
The financial web stands to stimulate the small business economy by minimizing administrative burden, improving information flow and access to capital from lenders.
The increasing automation of data entry, account coding and invoicing results in minimal human interference with financial data, which in turn means improved data integrity and validity.
With greater confidence in data integrity financial institutions and service providers are better disposed to lending to – and engaging with – small businesses and start-ups.