Fintech has been changing the way businesses and customers approach financial services, particularly when referring to startup and high-tech banking.
From the twentieth century onwards, we have been witnessing vast changes in the needs and requirements of financial institutions, banks and startup companies. This post will review the unique banking features accustomed especially for startups and high-tech companies.
- On-boarding. Clients expect an easy on-boarding process that will allow them to open an account efficiently and expeditiously. The on-boarding process begins by submitting a requested documents list. Often, this list entails corporate documents, personal documents of shareholders and directors, a brief business plan and a reference letter; these are the most basic documents, yet banks are entitled to request additional documents, if needed. Considering this abundance of documents, the review process might take a few weeks. Fortunately, incorporated companies do not have to wait such prolonged periods of times for their documents to be reviewed by the bank. Following the submission of the aforementioned documents, a bank account is to be opened and the investments funds are to be transferred into the account. A bank or a Fintech company which works with a startup company, as its client, is capable of accelerating the entire process, so that on-boarding is completed within a week.
- Advanced banking services via mobile and app. While this may sound peculiar, too often, banks do not offer mobile applications or sites that are straightforward and manageable. With advanced mobile services, the following functions should be accessible to clients:Rapid long-in by fingerprint, face or voice recognition
- Customer’s personal account adjustments
- “One click” action and approval
- Low rates
- Excellent customer service (via phone, live chat and email)
- Diverse payment options. Any business requires a payment card. High-tech companies are no exception to this rule—having to pay Internet suppliers, apply for PayPal accounts, etc.—yet their need for such payment options is more acute. Notably, since high-tech companies and startups often have affiliates and employees around the world, these companies require their banks to administer pre-payment cards, debit cards and credit cards.
- Straightforward signatory and approval payment processes. A growing number of hi-tech companies have begun decentralizing their managerial structure: executives and signatories are distributed over the world. For these companies, therefore, it is essential that the approval process will be as uncomplicated as possible; banks should further have the capacity to accommodate complex cross-border group signature, as it is an additional necessity for the aforementioned companies.
- Top-of-the-line support. Hi-tech companies are often multi-lingual – as they hire employees from around the world. English is commonly the prominent language of communication, and therefore, it is essential that the most fundamental customer service will provide English-speaking assistance and support. Commonly, banks offer two main types of customer support:
- Personal account manager- communication with customers is maintained via email, skype, WhatsApp and phone.
- Call center (email, skype, phone and live chats)
These services are designed to resolve support issues in an efficient and expedited manner.
Please read more information regarding start up business bank account.
Please read more information regarding open business bank account
Before long, banks that will not provide the unique features hereby reviewed—offering mobile sites and apps that comply with these functions—will inevitably lose their relevance in the high-tech industry