SME Onboarding in 15 minutes! Outsmarting COVID-19

15.04.2020

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Are you a firm providing services to businesses and are you bothered by the overcomplicated and expensive process of signing a contract and checking your new “client” before you can start providing your services? Or do you even have to abide by, for example, Act No. 253/2008 Coll. on Certain Measures against Legalisation of Proceeds from Crime and Financing Terrorism and go through the AML and KYC procedures which are today performed mostly manually? And do you ask business people or companies’ statutory representatives to come to your branch, or do you even send out relationship managers to check their identity? Then I have good news for you. As retail customers, we have gotten used to having everything done online and now, you can start offering the same also to businesses, without having to wait for Bank ID.

All you have to do is “just” effectively combine the available technologies and data sources and design a user-friendly solution that has the corporate specifics and decision-making and contract-signing rules in mind. This will result in the automation of SME onboarding, enabling the bank to enter into a current account contract with a business in 15 minutes, instead of several days, thereby making the entire process several times more cost-efficient. For businesses, this means that they can get everything done without any personal assistance from the bank, branch or call center, from their offices, co-working centers or living rooms.

ONLINE IS A MATTER OF COURSE

All of us have been influenced by the habits and good life experience. If you can open a personal account in many (even foreign) banks, why shouldn’t the same be possible for your business or firm? Well, it is not possible. According to the most recent Lundegaard research, there is not a single bank on the market which would make it possible for a new business to arrange for, on a fully digital basis, even a basic service such as a current account. You must go to a branch, send your executives there or invite the bank’s relationship managers to your firm. All of this takes time and is complicated. But now, it is possible promptly and online, without excessive paperwork.


PROMPT AND ONLINE SOLUTION FOR BUSINESSES

We used our platform for onboarding of natural persons and transferred the digitisation of onboarding to the B2B world, in cooperation with lawyers and banks. The potential and scalability of such a service are huge. We have automated the process, from simply establishing electronic communication with the business, through checking its statutory representatives by means of KYC, through AML compliance check, to signing the contract and providing the respective service.
The result is a solution which you can “link” to your business activities or fully integrate into your processes. We do not live in a perfect world, so when we come across an exception (someone making corporate decisions based on a power of attorney, a company having a non-transparent ownership structure etc.), the solution has a module for bank operators who can resolve such a non-standard situation with the client. As we are living in a digital age, they can do it via chat integrated in the solution. For details, see https://www.lundegaard.eu/en/sme-onboarding-automation/