'NorthOne' Lets Businesses Open an Account in a Few Minutes
Michael Hemsworth — July 4, 2019 — Lifestyle
'NorthOne' is a branch-free, digital-only banking service that will enable businesses to get set up in minutes with an account and have them making transactions the very same day. Created for small and medium-sized businesses (SMBs), the bank provides robust service that is primarily accessed through its intuitive app. Users will be provided with real-time notifications regarding transactions, the ability to control card access and much more directly from their smartphone.
The 'NorthOne' digital banking service will also offer users with insights into how funds are being utilized and where potential changes can be made to lean out the business's bottom line. Customer service is also available directly from within the app to eliminate the need to spend extended periods on hold.
The 'NorthOne' digital banking service will also offer users with insights into how funds are being utilized and where potential changes can be made to lean out the business's bottom line. Customer service is also available directly from within the app to eliminate the need to spend extended periods on hold.
Trend Themes
1. Digital-only Banking - Opportunity for banks to create digital-only banking services that cater specifically to small and medium-sized businesses (SMBs).
2. Real-time Transaction Notifications - The integration of real-time transaction notifications in banking apps allows users to stay updated on their financial activities at all times, contributing to a more transparent and efficient banking experience.
3. Mobile Customer Service - The development of integrated customer service features within banking apps removes the need for customers to wait on hold, providing a more convenient and responsive support system.
Industry Implications
1. Banking - Disruptive innovation opportunity for traditional banks to adapt to the digital age by offering digital-only banking services.
2. Financial Technology (fintech) - Opportunity for fintech companies to develop innovative solutions that enhance the digital banking experience, such as real-time transaction notifications.
3. Small and Medium-sized Businesses (smbs) - Potential for digital banking services to cater specifically to the needs of SMBs by providing insights into fund utilization and offering streamlined customer service within mobile apps.
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