While the value of delivering a great user experience in retail banking is obvious, business banking has been untouched for a long time. Moreover, challenger banks succeed with their customer-centric approach in retail banking, and it seems their next goal is disrupting business banking.
For example, Monzo, a challenger bank from the UK, released a blog post two weeks ago about their new business accounts and roadmap for the future. Even though their product and marketing is still in development, they already have 15,000 businesses on their waitlist.
Let’s look at how this was possible in a short time.
⚡ The Impact of Challengers in Business Banking
Challenger banks can build services quickly and with frictionless customer experience, easily connecting customers to new third-party products. Particularly in business banking, it is significant to provide banks with complementary business services such as Invoicing, Tax Declaration, Open Banking, and more.
Today, Monzo provides traditional banking services with a customer-centric approach. Therefore, when we look at their roadmap for the future, it is evident that they will connect their customer with complementary services to enrich their existing business banking experience.
🔑 How Strands Helps To Keep Your Business(es)
Times change. Traditional banking is a bit old fashioned. Today, to stay relevant and compete against these new entrants, banks need tools that connect external business services, generate deep business insights, and create a simple user experience that meets SME’s day-to-day needs.
At Strands, we build products and solutions geared to help freelancers and SMEs grow their business and provide those tools to banks. We equip banks with the best business management tools by leveraging AI and machine learning to provide accurate, proactive insights.
🚀 Turning Tradition Into Innovation
Let’s compare Strands BFM’s features that are available today, versus Monzo’s roadmap for building their platform and the problems that they will still need to solve.
| Strands Ready | Monzo Ready |
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| Strands Coming Soon | Monzo Coming Later |
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As you can see, we have already built a comprehensive business financial management solution that empowers SMEs to stay on top of their finances and connect with all the tools they need to manage their businesses.
Traditional banks still have a competitive advantage in terms of product variety, credibility, and the trust of their customers. They need to focus on the data they have and use it to create an exceptional customer experience. It doesn’t have to be in-house innovation. Cooperation with FinTech startups provides opportunities to create a new business banking experience.
Strands cooperates with banks and provides the best business banking experience ever.
Are you ready to be in the pole position?
