SME Mobile Onboarding

Design a seamless experience that allows small and medium-sized companies to open a business account in just a few steps and with minimum required documents. With this 100% digital journey, companies can even sign all agreements virtually and start using their current account instantly, all in less than 15 minutes.

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It is a seamless digital journey that helps small and medium-sized companies to open a business account – 100% paperless covering the complete KYB. This onboarding journey starts by informing the customer on the eligibility conditions and the required documents so they can complete the process fully digital.

Moreover, the journey offers customers the possibility to send referrals to other companies following their onboarding experience giving financial institutions the possibility to attract new SME customers. In the current accelerator, by introducing a referral code, the SME company receives £100 reward. The amount can be configured when configuring the digital journey.

The targeted customer segment is a new-to-bank customer.

The digital journey enables the representatives of SME companies to open a business account online with minimal effort. Considering that making trips to various bank branches is time-consuming, opening online a bank account in minutes, even from a mobile device surely meets the needs of many fast-paced companies.

The solution is powered by automation processors such as Banking Product Factory, Business Formulas, and Business Workflows Processor and it makes use of the Companies House Connector to get and display information such as company details, name, and position of the representative.

When opening a business account through the online application, the SME company representative must provide company identification details, such as company identification code or name. The SME company representative can choose from a number of offers, some of which include business debit or credit cards, discounts, dedicated support, and so on. The journey also includes the option to pick up a video call with a bank representative, sign loan documents, and get a referral code.

SMEMobileOnboarding


Version 1

Published on 08 November 2021 by FintechOS

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Tags

accelerator, commercialbanking, currentaccount, digital banking, digitalonboarding, KYB, smeonboarding