In this article, we're going to talk about the new feature we're building to simplify the bank account opening process for our users. Before we'll tell you about the solution, let us first tell you the story of John.
John is an entrepreneur residing in Malta. He has an affiliate business, driving traffic to online casinos. John wants to open a bank account/FinTech account in another jurisdiction than Malta because Maltese banks are bureaucratic, insufficiently capitalized, and have a poor internet banking functionalities.
First, John needs to do research to understand what are his possibilities. He wants to use a FinTech because of the easier online onboarding, and it's not really possible to travel to do in-person identification in a conventional bank.
He first applies to TransferWise but gets rejected due to the affiliation with online casinos. The same thing happens at Revolut.
John is becoming a bit irritated because he has already spent 1,5 hours filling in the applications and another 4-5 days waiting for the decision. At first from TransferWise and then from Revolut, bringing the total time spent on getting an account to almost 10 days.
Now, John needs to do market research, as he doesn't want to spend another few hours filling in applications and waiting weeks to know if he will get accepted or not.
Doing that research means communicating with the customer support (or worse, searching through helpdesk FAQs..) of different banking institutions, where eight times out of then, he's being advised to apply and then the compliance department will decide..and decline.
By this point, John has filled-in 12 applications, spent hours on engaging with the customer support, and waited total 1,5 months to get the account.
The story above is just a slight exaggeration. Maybe you don't have to fill-in 12 applications to succeed, but depending on your needs and profile, it can easily take months to have the account opened.
And in the worst-case scenario, you will still fail after spending all that time.
At BankApply, we're soon releasing a feature that will make the process not only quicker but also a lot more convenient for you.
BankApply Banking Profile
While BankApply Matching Engine already mitigates the time spent on the research and communication with the banks and FinTechs, we're releasing a feature which will take this a step further.
In essence, it means that we're collecting some key information that banks and FinTechs need about you, and enable you to send out your banking profile from our system to the banks and FinTechs.
The best part of it is that it's not repetitive action. You don't have to fill in the information numerous times. Or even twice. You only have to do it once, and you can just tick the box of different banks and FinTechs, and send your profile out.
As a result, you'll save a lot of time, you will have options to choose from, and you don't have to start the application process with the banks that are highly likely not to open an account for you.
When can you start creating your Banking Profile?
We're planning to release the Banking Profile feature during the second part of the August, or early September. You'll have a chance to create your banking profile once you onboard with us by clicking here. Until we've released the updates, you can still match your profile with suitable banking options, check out the fee-structures and other relevant information about the banks and FinTechs.