Fintech company Munichain is rolling out its workflow management tool to a larger audience.
Munichain, which was formed in 2022, attempts to break down the walls between external firms through the workflow management application, said Michael Lieberman, co-founder and head of product management at Munichain.
The application, also called Munichain, is a web-based tool that allows users "to collaborate in one central environment, manage documents, signatures, analytics, curve information, distribution lists information, receive notifications and look at historical information," said Matthew Gerstenfeld, CEO and co-founder of Munichain.
The workflow solutions are bespoke and geared toward life in the municipal market, Gerstenfeld said.
Features include sending custom-tailored emails to users, storing information and documents on the system and the ability to access the names of the personnel involved in a deal. The product continues to be updated and Munichain is working on a feature that allows users to ask a question, and the system will retrieve that information, according to Gerstenfeld.
Currently, many people's day-to-day spans across onerous tasks "email, phone conversations, scanning through files ... and so what [Munichain] is doing is refining workflows by iterating alongside folks in the market, who are now leaning towards modern applications to achieve efficiency across their firm," Gerstenfeld said.
"We're simply streamlining the overall process so that you don't have to be tied to your desk to perform your job well. Users receive notifications to keep track of how deals are progressing without headaches."
"How [the market] functions today is tough," Lieberman said. "If you work at Firm A and someone else works at Firm B, it is difficult for them to be able to communicate together, they have their separate channels, separate processes."
Therefore, Lieberman said "we're creating that one-stop shop for them to come in and work together."
Munichain focuses on everyone involved in the capital-formation process, not just the banks or the broker-dealers, Gerstenfeld said.
"We've come to learn through speaking with many firms that they don't have technology built specifically for their use cases and needs," he said.
These firms, Gerstenfeld said, may be using email and Microsoft Excel but may not have anything that's tailored to their specific needs, which is where Munichain comes in.
The initial feedback has been positive and centers around the benefits of helping firms be more organized, taking off some pressure when it comes to tasks such as compliance, Lieberman said.
"We're housing data in a centralized location to reduce the need for them to go hunting all over the place for basic information, documents, and records, " Lieberman said.
The workflow management tool is simple to use, Lieberman noted.
"We make it easy for users to be able to navigate our application and do their job," he said.
However, Gerstenfeld said, the firm isn't "just leveraging technology just for the sake of saying 'We're leveraging technology,' but honing in on the specific details that will comprehensively benefit the user base and market overall."
Munichain's product augments these processes to make individuals more efficient and overall enhance their day-to-day so users can focus on other tasks, Gerstenfeld said.
"By no means are we offering our solutions to transform or disintermediate market participants but more so empower them with modern and effective tools" he said.
