If you’ve never had a negative experience at a bank branch, consider yourself lucky. When it comes to running a successful startup, you’ll also need an ideal business partner that can assist you with all your financial needs. But what happens when your current banking system is the one hindering your success?
We’ve gathered the top 8 banking complaints of founders across various sectors with tips on how to alleviate them.
P.s. Stay till the end to find a solution!
Especially true for new founders and entrepreneurs, one of the biggest hurdles they have to go through is opening a bank account in the first place. With the stringent requirements required by banks and payment institutions, many often struggle to qualify for even the most basic tools such as a business bank account.
On top of that, numerous regulatory bodies are also sceptical about trusting newer companies that have more modern and conventional income streams and business models. While it seems like these banks are merely protecting themselves from fraud, most founders are just trying to get their startup journey up and running.
If you’re just getting started on your entrepreneurial journey, it’s only common to want to save as much as you can from the start. But with hefty fees, it just seems like an impossible feat. From annual fees, service charges to foreign transactions, a lot of these expenses can feel unjustified and unnecessary. It almost feels like paying your bank for accessing your own money. If you’re not careful enough, these costs can eat into your business expenses or even personal savings.
When looking for the ideal business bank account, always look into their fees beforehand. Ensure that you opt for banks with low and transparent fees, which will allow you to generate significant savings while you grow your business.
More often than not, reward programmes offered by banks don’t actually meet the immediate needs of entrepreneurs and startup founders. Business accounts and corporate credit cards often come with a rewards program as a marketing tactic to incentivise customers for using their services.
But if you go through your bank statements and transactions, you’ll realise that most of your main expenses and apparent expenditures are often excluded from the reward list. With that, such perks end up being useless for founders. When looking for a business bank account, go over their rewards programme in great detail and see if their perks are of benefit to you in the long run.
Some traditional banks in the market still rely heavily on traditional and manual processes when it comes to their workflow. But what they don’t see is how this is a huge missed opportunity. Automation not only streamlines the overall workflow and facilitates systematic record retrieval, but it helps address a customer’s needs more efficiently. With that, banks that have yet to adopt modern solutions are costing their customers.
By tapping into automation and AI, banks can streamline their functions, reduce the number of administrative errors and the number of customer complaints.
Whether it’s getting access to a credit line for working capital or opening a business bank account, some banks still aren’t as flexible, especially when it comes to small business owners. Certain basic banking solutions require startups to have a double-digit employee count. In reality, many small businesses can’t afford to employ additional manpower due to financial constraints.
Instead of creating a one-size-fits-all solution for founders, banks need to consider making solutions for their customers that fit their needs as well.
From slow service delivery to long waiting times, it’s safe to say that little to no one enjoys making the trip to the bank. The modern entrepreneurs of today no longer see physical branch visits as a selling point.
For those eager to step away from traditional banking, this may be the time to opt for digital solutions. Today, multiple payment service providers are offering the same product offerings as traditional banks without branch visits. This can save you heaps of time and allow you to focus more on growing your business.
To avoid all the hassle that comes with branch visits, most founders simply turn to their bank’s customer support service for instant assistance. However, traditional banking systems can sometimes take days to respond. Entrepreneurs who wear multiple hats at work and are busy running their businesses simply don’t have the luxury of time to wait.
When a bank is unable to respond quickly to their customer’s inquiry, it doesn’t just cost them their precious time but also their money. In this digital age, founders need to tap into modern banking solutions that are both swift and efficient.
In addition to slow response systems, most traditional banks still adopt outdated and non-intuitive websites and digital channels. In an increasingly digital world, a clean and useful user interface is everything, especially in the field of banking.
Banking platforms with intuitive interfaces and easier navigation can bring about greater user experiences, proving that banking doesn’t have to be a tedious and complex process.
What if we told you there’s a single solution to eliminate all of these complaints? Say hello to the Aspire Business Account.
As a payment service provider, it offers a completely digital account. You can say goodbye to physical branch visits, inflexible workflows, and slow response systems for good. With comprehensive features such as expense management, smart integrations and 1% cashback on marketing spend, experience the power of all in one finance operating platform for modern entrepreneurs like you.