Enhancing customer efficiency, Metro Bank has announced the launch of a new Business Account Online (BAO) journey for SME customers.
The bank emphasised it 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.
The latest initiative builds on the elevated focus of Metro Bank, as it affirms its commitment to the Capability and Innovation (C&I) Fund.
David Thomasson, Chief Commercial Officer at Metro Bank, commented: “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.”
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.
Expert Analysis: Metro Bank’s new BAO can play a key role in the firm’s continued commitment to an efficient and secure customer journey. Innovation in verification can be key as we navigate from the global pandemic, so this development could be a specifically important one.