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Nowadays, businesspeople are increasingly taking advantage of neobanks for business. After more than a decade of development, neobanks started to offer different financial products through digital means, which corporate clients have well received.
Although traditional banks have also developed some online banking products, neobanks are sometimes better suited to the needs of their clients, eliminating many unnecessary processes, for example being in a physical office to open a corporate account or providing and signing many physical documents about the company’s funds, shareholders and even clients.
Neobankss have proven that they can remain compliant when it comes to corporate accounts, while simplifying all their processes and eliminating unnecessary bureaucracy and paperwork, which means lower costs for the client and a more efficient corporate online banking. Actually, opening an account for a company is a very simple and fast process. It is only necessary to make the same registration as any individual client does and then go on to open a corporate account. In this sense, a neobank, such as Blackcatcard, offers all its services fully online, meaning that customers have access to their financial products 24/7 from anywhere with Internet access. It is worth noting that, in order to improve customer service and increase client’s satisfaction, neobanks are constantly improving to make their apps and web portals easier to use. For example, Blackcatcard has a very intuitive interface both in the app and on the website, which makes it easier for its users to find what they want quickly and at any time. A traditional bank, on the other hand, is likely to have a more complex customer service, requiring the client to schedule appointments with their representatives and visit them in different departments.
In fact, market dynamics show that in addition to reducing operating costs, neobanks have been able to take their products for both corporate and individual clients beyond national and regional borders with better results. While a traditional bank is limited to its internal regulations and infrastructure in a specific country, neobanks expand their offerings to cover a global market. You can find many with products with very special conditions, with reduced rates, for its corporate clients.
Therefore, it is possible that in the short and medium term there will be an increase in the number of companies, especially those wishing to take their operations to a global level, migrating from traditional banks to neobanks. For the time being, these new institutions will undoubtedly continue to improve and expand their online and mobile banking offerings in order to have a larger share of the financial market and compete with traditional banks for leadership in the sector.
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