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One Place To Manage All Things

One Place To Manage All Things

A founder’s UK business account journey reveals shifting banking behavior—zero brand loyalty, mobile-first expectations, instant gratification, and how neobanks like Revolut outperform incumbents through seamless onboarding and superior digital experience.

January 11, 2022 7 min read Financials
One Place To Manage All Things

A of mine is in the process of establishing a company in the UK. Part of that, of course, requires the creation of a bank account. Through a series of WhatsApp chats, I lived the experience of start-up business bank account creation and it was illuminating.

The last time I actually started a business, there was no option but to go into the bank - in that situation, I used Metro Bank for a same-day service which was pretty efficient.

In this case, however, my friend was keen to do everything online via phone. She's not a techie. She's not a digital banker. Like many of us nowadays, she's a phone first, desktop second.

Her very helpful accountant offered to get his preferred High Street bank to give her a call. She didn't mind this - if it was simple, easy and it worked. I'd go so far as to suggest she would have gone to a branch if necessary - as long as things were simple. The introduction from the accountant is still valuable even today it seems.

A few days passed and she wanted to get on with things so she poked the accountant, who poked his High…

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