Business accounts are the most basic and fundamental financial product for the creation and growth of any company. In this context, neobanks, through their own development, have evolved the financial sector and have become the new strategic allies of companies, offering an alternative bank account, among other important services.
On the other hand, traditional banks, as the oldest players in the sector, remain rather rigid and conservative. Just opening an account at a traditional bank can be quite a complex procedure. For starters, they will most likely require their clients to personally go to their branches, which implies costs in terms of time and money. Then they may require many documents at the same time such as contracts, company registration, tax numbers, utility bills, receipts, information about customers and suppliers, etc.
Subsequently, corporate clients may encounter slow processes on the part of the bank, which is typical of its unmodern structure, due to thick bureaucracy and paperwork. And, assuming that some document is not accepted or there is an error during the process, the bank may ask the client to repeat some step or submit a new document, which implies further delays. If the opening process is successful, clients will have to bear significant costs, as the whole structure and operation of a traditional bank makes the products more expensive. It is also very likely that they will require large deposits of money as an additional requirement.
It is precisely to simplify this process and make it more efficient that mobile banking, the forte of the neobanks, was developed. But what is mobile banking? Basically, it is a digital service that brings together all the financial products we know, such as accounts for individuals, joint business accounts, payment cards, among others.
Therefore, if you want to open an online business banking account with a neobank it’ll be simpler and less expensive. For example, at Blackcatcard it is necessary to open an account initially as an individual client, for which you must register only with your personal data and your tax number. Then you must complete the identity and address verification; for this you just need to take a selfie, take a picture of your ID and send a Proof of Address. Once you have completed this first phase and successfully opened this account, you will be able to apply for a corporate account. At this stage you must describe your business, indicating your commercial activity and where it is registered, for which you must digitally send the documents that support this information, and that’s it!
In fact, at Blackcatcard, for companies registered in the EEA, the fee for opening a corporate account is only 15 Euros, which is extremely low compared to many others on the market. Even for companies registered outside this European zone, it is possible to open a corporate account, which facilitates their operation in Europe. Of course, the conditions are different and depend on the country where they are registered, so they may vary from one market to another. In any case, the fees for services such as outgoing transfers, monthly maintenance fees, among others, maintain this same line of competitive prices, which is highly valued by companies that are Blackcatcard clients. This is a fundamental aspect, especially for start-ups, as this way they can reduce their expenses. Undoubtedly, whoever manages a young and growing start-up knows that every penny counts to keep the company alive and make it grow.
Considering all these conditions, neobanks’ mobile banking is a very important alternative, which will surely continue to gain ground among competitors in the financial industry and develop their products to make them more and more attractive to both companies and individual clients.
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