In 2014, I set up my first business.
In the long list of things, I had to do was open a business bank account.
So, I trotted off to my high street bank and said
“Can I Open a Business Bank Account?”
“Of couse sir, no problem, can you let us have 2 years’ worth of accounts?”
“I’m a new start up business”, I said
“Sorry Sir, we will need some examples of your business dealings
“Have you got some utility bills in the business name?”
“No, as I explained, I am new business I don’t have anything as I need a business bank account”, I replied
“Oh, Dear sir, that is an issue”
“Maybe we could have your First Born Child as collateral sir, or maybe you could give us a kidney?”
You get the picture – total lack of understanding of what a new business is.
Eventually after trying virtually every high street bank, I got an account with Santander – who were great over the four years I had the business.
So, its 2019 and I have a new business and I needed a new business account.
What do I do??
Open my phone
Download an App
Pop in very basic details
Scan my Passport
Take a Selfie
And Viola - One business bank account in less than 5 minutes one Thursday evening
Saturday Morning the Bank Card arrives – open the app confirm the card and get a PIN
Four Years and business banking has been totally disrupted, Now the fee structure is a little higher, but it totally fits my needs and it took less that 5 minutes.
This was with a new disruptor bank called TIDE, there are other banks like Starling Bank, and Coconut that offer the same sort of set up and similar fees.
In the next four years I predict that a high street bank could get bought by a start-up, following a massive loss of confidence following a data breach or hack.
Now there are those that say, it will be the other way around with the high street banks buying the disruptors, but as many banks are so behind with their internal tech implementations, with some are still using Office 2010, when they realise they need to take over these businesses, it will be too late and “the apprentice will become the master”