Dun & Bradstreet to provide analytics for Lili app (Courtesy of the Jacksonville Business Journal) — Lili, a platform designed for small businesses to better manage finances, announced a strategic collaboration with Dun & Bradstreet this August.
Lili brought on the Jacksonville-based global analytics leader to offer small business owners another critical tool to achieve financial success.
In turn, Dun & Bradstreet’s small business customers can now apply to open a Lili business checking account to sync financial data with D&B Credit Insights to help raise business scores and build credit history.
Each firm aspires for this collaboration to inspire and to enable the next generation of small business leaders. As of today, Lili serves over 200,000 customers, with 8.2% of them located in Florida, according to the company.
To learn more about how this partnership came together and what impact it might achieve for small business owners, the Business Journal interviewed Lili CEO and co-founder Lilac Bar David via email.
The following conversation has been edited for brevity and clarity.
How did this collaboration for data and analytics with Dun & Bradstreet come about?
When the opportunity to collaborate with Dun & Bradstreet was presented to us, it was an easy decision; both of our organizations share a common goal: empowering small businesses with the tools they need to thrive.
One of the biggest challenges small business owners face is accessing capital, often due to a lack of credit history. This integration allows them to actively manage and potentially improve key business scores (with D&B Credit Insights), which play a crucial role in their ability to secure financing.
What made Dun & Bradstreet stand out from its competitors’ offerings?
At Lili, our mission is to simplify business finances and empower small businesses with the tools they need to thrive.
Dun & Bradstreet is a well-known and trusted partner to small business owners with a deep understanding of the challenges small business owners face, especially when it comes to accessing capital and building credit.
Their platform allows small business customers to open a Lili business checking account directly from the myD&B portal, streamlining the process and making it easier for business owners to separate their business and personal finances.
What data and analytics does Dun & Bradstreet research provide for users — local competitors? Competitor prices? Real estate prices?
Lili recently launched Accountant AI, a generative AI tool that responds to customer queries using its extensive training and the latest tax and accounting information and provides instant recommendations about their business finances.
The most-asked questions so far include how to maximize tax deductions and help make the business more profitable. Unlike other AI chatbots on the market, Accountant AI generates insights from both the owner’s business data and similar businesses on Lili’s platform, makes recommendations based on the latest tax policy updates, and leverages human accounting expertise.
Accountant AI will be available to Dun & Bradstreet customers who sign up for Lili Smart or Lili Premium.
Dun & Bradstreet’s database includes commercial information on over 240 million companies globally. Through our integration, small business owners can access essential data such as their PAYDEX Score, Delinquency Score, Failure Score, Maximum Credit Recommendation, Supplier Evaluation Risk, and D&B Rating by syncing their financial data with D&B Credit Insights.
Do you keep analytics on the businesses that use Lili for purposes of observing their success?
At Lili, we prioritize delivering value through our platform. Our focus is on enhancing our services and improving the user experience rather than monitoring specific business outcomes.
We use aggregated and anonymized data to observe trends and refine our tools, ensuring they address the common challenges faced by small business owners. This approach helps us continuously enhance our offerings and deliver features that meet the evolving needs of our users.