So you’ve heard about the new kids on the fintech block—Neobanks. Unlike traditional banks, neobanks are fully virtual platforms that offer similar financial services to consumers. In Singapore, many upcoming small businesses and startups are turning to neobanking for their business.
Fast, nimble, and innovative, using neobanking for business can help your company to get rid of unnecessary expenses, freeing up much needed cash for a new company like yours.
On the fence about applying for a neobank account? Here’s a checklist of who and what businesses neobanks are the most suited for:
The number one gripe when it comes to banking are the long wait hours and hefty amounts of paperwork.
For a large MNC, a mountain of paperwork and application processes might just be a small hurdle to cross, but for startups and SMEs, the time wasted at a traditional bank could have heftier financial repercussions.
That’s why if you love efficiency, try neobanking for your business. Neobanks usually hve ultra-fast application rates with instant bank account openings and quick setups. As most neobanks operate on platforms such as mobile phone apps, you’ll be able to track you application processes with ease.
When you choose a neobank for your business needs, you’ll also have access to round-the-clock customer service. That means you’ll no longer have to keep your fingers crossed through the night when something goes wrong.
They make creating a business bank account, and managing your business finances fuss-free. Neobanks come with the perks of a traditional bank, but the waiting time is reduced by more than half!
We can’t deny that smartphones have taken over the world. When you’re a business owner, things move quickly. You probably spend at least five hours a day glued to your devices, tracking transactions and liaising with vendors. Having to head down to physical banks to take care of business finances can be a drag.
That’s where neobanking comes in. Neobanks operate entirely on online platforms, mostly through a smartphone application. Engaging a bank for business means that you’ll have real-time notifications and access to your business transactions all from one device.
With a streamlined view of all your business spend, you’ll be able to make more efficient and effective business decisions.
Oftentimes, online banking applications by traditional banks online provide transaction histories and expenditure insights. With neobanks, you’ll be sure to have access to more than just that.
Here are some innovative features you’ll have access to when you use neobanking for business:
Neobanks are usually tech-driven, and consistently upgrade their user-interfaces to bring the best user-experience to their customers. Unlike traditional online banking platforms that are usually difficult to navigate, neobanks put customer satisfaction at the forefront of their services.
Neobanks Revolut and Aspire provide features such as integrating accounting and payroll software, helping SME owners and startup founders cut through their daily tasks. Smart reporting functions also collate your business insights and finance expenses into one page—super handy.
So if you’re tired of boring user-interfaces, and having to open multiple tabs when settling business finances, neobanking might be the solution to those problems.
Access your business reports any time, and anywhere with neobanking.
As mentioned previously, using a neobank for business means you’re only ever a click away from monitoring your business finances.
If you’re a frequent traveller, managing your business finances will be a piece of cake. Neobank account holders are also privy to some of the most competitive foreign exchange and foreign transaction fees in the market. Transferwise, one of the world’s leading neobanks offers low international transaction fees and exchange rates, along with international business account openings. This means you get to save time and money when you use a neobank.
Picture this: you’ve just incorporated your company, and you’re looking to open a business bank account. However, the ones offered by traditional banks come with minimum account deposits, and monthly fees that will chip away at your current budget.
That’s where neobanks come in. As neobanks operate almost entirely online, they save immensely on overhead costs such as staff and branch operations. These cost savings can go up to 40%, which are then passed down to neobank customers like yourself!
Take the Aspire Business Account for example. With no minimum fees, monthly account fees, or fall-below rates, it’s the perfect choice for new companies looking to save on the essentials. Saving on administrative business needs frees up budget for other areas such as marketing, which can help push your new company to greater heights.
Neobanks are on the hunt to make business banking more convenient and enjoyable for business owners worldwide. In Singapore, Aspire is one of the neobanks leading the charge.
Aspire allows business owners to incorporate their business, open a business bank account and apply for credit lines all in one app. With no monthly, minimum or deposit fees, this neobank might be the one you’ve been looking for.