Metro Bank’s new digital account opening for businesses takes just 15 minutes
Metro Bank today announces that it has launched a new Business Account Online (BAO) journey for SME customers.
This will enable new customers to open a business account on their mobile or online, 24 hours a day. It will take just 15 minutes from application, through to identification and verification checks and approval.
After a beta launch throughout August, Metro Bank has now made BAO publicly available for new business customers, who will be able to apply for a Bounce Back Loan subject to eligibility. This is the latest business banking innovation from Metro Bank as part of its commitment to the Capability and Innovation (C&I) Fund.
The online journey auto-populates business data from Companies House to save applicants time and uses selfie ID verification. Customers, who can receive their debit card in the post or collect in store, will have access to a dedicated local business manager, providing a personal level of support for their businesses as soon as they sign up.
Using BAO gives SMEs access not only to Metro Bank’s award-winning business bank account, but also to a range of other initiatives designed to give SMEs a single source of support in managing their finances, so that they can focus on running and growing their businesses.
The bank launched an in-app Business Insights tool to make managing finances easier in October 2019, which was followed in December 2019 with the release of MCash, enabling business customers to select a day for cash pick-up and / or drop-off from as close as 24 hours away, and up to a week in advance via the Metro Bank app.
In recent months, the bank has launched new receipt management technology that empowers SMEs to capture, store and link their receipts to transactions in their mobile business app using AI-powered technology.
David Thomasson, chief commercial officer at Metro Bank, comments: “Making our business bank accounts available online is a vital step as we cement our position as the UK’s best community bank, supporting more small businesses nationwide. We’ve got plenty more exciting product initiatives planned, both for personal customers and businesses, which we look forward to sharing in the coming months.”