One of the tasks on my to do list is to look for a new SME business bank for day-to-day transactions. Currently I use one of the legacy banks and its products and service are, well, legacy. It’s lacking in both service and innovation and offers a dreadful mobile app.
What I want is a bank I can rely on, with a decent app that lets me open an account and manage everything from my iPhone and iPad. I’m not interested in switching to another legacy bank; that just feels like rearranging the deck chairs on the Titanic.
In consumer banking there is some activity with a number of new digital banks launching current accounts soon. However business banking has been very quiet; although a recent conversation with an acquaintance eluded to something interesting and innovative in this space but unfortunately not imminently.
One ‘bank’ that caught my eye is Holvi. The team there is doing some interesting things in other European markets and plans to launch in the UK soon. Holvi is technically a prepay account but operates like a bank. In addition to payments, Holvi provides invoicing and business reporting – no more wading through a pile of receipts each month. The account comes with a business MasterCard for everyday spending.
A key area for banks to fix is customer sign up which needs to be close to friction and frustration free. My recent experience of having to fill in a long signature mandate form and then put in a branch appearance armed with passport and driving licence is not the future. The work that Veriff is doing with face comparison algorithms to create a simple identity verification process is a useful pointer to a customer centric process that simplifies and speeds up customer acquisition.
The ideas are out there – it just needs people to start pulling them together in the UK.
Originally published on Disruptive Views.