Business insights company 9 Spokes (ASX: 9SP) has secured an operational foothold in Malaysia after announcing a memorandum of understanding with OCBC Bank (Malaysia) Berhad.
The agreement means 9 Spokes will provide a customised white-label version of its proprietary V2 platform to the bank enabling more efficient and digitised company management.
Some of the key features include business sales access, marketing support tools, as well as tracking and analytics functionality that facilitates better decision making.
From a commercial perspective, 9 Spokes said it foresees the deal acting as a springboard to strike deals with a series of small businesses in the region that are keen to digitise their operations and streamline existing processes including reporting, management and purchasing.
9 Spokes has already begun to distribute its platform in the US following multiple bank deals including a high-profile tie-up with Bank of America.
Although the deal with OCBC Bank Malaysia remains at the memorandum stage, the two companies have said they have agreed on principal terms with ongoing negotiations still required for a fully-fledged contractual relationship.
Importantly for 9 Spokes, the deal follows a similar agreement with OCBC Bank in Singapore which launched its own version of the V2 platform earlier this year. The bank trialled the software for over a year before committing to a deal.
If successful, there is also scope for “further opportunity” to expand this type of relationship into additional Asian markets with all eyes now turning to how the platform operates in practise across thousands of personnel within the two OCBC banks.
Improving internal banking performance
One of the most highly coveted features offered by 9 Spokes is the ability for businesses to customise the platform in accordance with their specific business traits including installing customised apps that streamline business analysis and day-to-day performance.
“Signing the MoU reinforces the relationship we’ve established with OCBC Bank and continues the momentum we enjoy as we continue to expand globally,” said Adrian Grant, co-founder and chief executive officer of 9 Spokes.
“We look forward to taking the next steps alongside OCBC Bank and extending our platform reach further into the Asian market to SMEs in Malaysia and in other jurisdictions down the line”, he added.
In addition to its Asian market operations, 9 Spokes is also making progress closer to home.
Just last week, the company launched its new Engage marketing service to help bank partners accelerate user adoption and engagement.
The Bank of New Zealand won the race to be the service’s “anchor partner” which will see the bank offering 9 Spokes services to small businesses in New Zealand.
One of the most integral features to be offered are marketing boosting tools that facilitate “always-on campaigns” as well as content and customer support.
Also, 9 Spokes’ technology will enable extended data collection abilities and “user-behaviour analytics” that allows businesses to acquire, nurture and re-engage with customers more effectively.
9 Spokes Engage is also partnering with leading CRM provider Salesforce and multinational accountancy firm Deloitte, to provide a specialised marketing technology platform and other implementation services.
“As a bank, dedicated to serving SME customers, it’s essential that we are providing the right services, built to meet and evolve with their needs. 9 Spokes Engage significantly powers up our ability to build and engage the user base on MyBusiness Live and bring richer value to customers on a more regular and proactive basis,” said Bank of New Zealand general manager Karna Luke.
This morning’s news boosted 9 Spokes shares by 5.8% up to $0.018.