10 March 2023 7 minute read

Transform your customer experience with challenger banks

Great customer experience is vital for the success of any business. Find out how alternative financial service providers can help you scale sustainably, increase revenue, and retain global customers.
Transform your customer experience with challenger banks

A complicated payment system can seriously hamper your company's ability to retain customers and clients. With their bureaucratic processes and risk-averse strategies, traditional banks don't make things any easier.

Challenger banks buck that trend by offering fast, smooth, innovative payment services. If you want to learn more about how your business can improve customer experience through Fintech - you're in the right place. In this article, we'll cover everything you need to know about alternative financial services.

The problem with traditional banks

Payment systems can be a pain - there's no doubt about that. Many banks fail to understand businesses' need for simple, quick payments. In most case, traditional banking services aren't compatible with moden business infrastructure.

Here are some of the most commonly experienced problems:

  • A lack of digital integration

  • Manual application processes

  • Poor customer experience

  • Limited payment options

  • Delays and restrictions on international payments 

  • Uncompetitive foreign exchange

These issues prevent businesses from scaling sustainably and generating meaningful growth. We're not here to trash banks – far from it. However, many products or services banks offer are unsuited for the internet age. Traditional banks have been the dominant payment service providers for centuries – now challenger banks are here to provide an alternative.

What are challenger banks and alternative finance providers?

Following the global recession in 2008, it was clear that alternative banking services were vital for future economic growth. Trust was lost in the traditional banking system, leading to the rise of fintech organisations.

Their client-focused, transparent offerings for both business and personal finances were a breath of fresh air for many. Since then, challenger banks like Monzo and Starling have grown exponentially. If you ask us, that can only be a good thing.

Challenger banks and alternative finance providers tore up the rule book that existed for decades, offering innovative and affordable services. Money's cross-border payments ecosystem is built for and by global businesses. We offer 30+ local IBANS, US account details, and transfer solutions in 190+ countries – the most comprehensive coverage of any competitor.

Challenger banks are no longer a fad - they're a genuine alternative to high street banks. Taking the consumer banking world by storm, they're ready to disrupt corporate finance.

What are the benefits of using alternative finance providers?

Customer acquisition and experience management are hard to nail for any company, especially those at the start of their journey. Below, we've outlined some top benefits of swapping to an alternative payment provider such as 3S Money.

Quick and easy account opening

Opening business bank accounts can be complicated and time-consuming. With forms to fill out and time to wait, this process can take weeks and suck up hours that could be spent more efficiently elsewhere. 3S Money does things a little differently.

We have a streamlined, human approach to risk and compliance built on decades of industry experience. No robots, no AI systems and no long waiting times, just real people making common-sense decisions. 3S Money provides pre-approval in under 15 minutes. Unlike many traditional banks, our application process doesn't require in-person appointments and keeps paperwork minimal. As you can tell, we're not big fans of bureaucracy.

Resident or non-resident, the colour of your passport doesn't matter to us. International, alternative banking is frictionless, providing business owners in countries all over the world fairer access to financial services. The result? New businesses with more opportunities to grow, evolve and generate prosperity and innovation.

We're not here to waste your time: all our processes are built with efficiency in mind. This means you can start sending and receiving international payments in seconds.

Integration with accounting software

Many traditional banks are centuries old, with well-worn structures that have recently struggled to adapt. In contrast, challenger banks exist with technology and digital integration in mind.

For example, many challenger banks offer integration with popular accounting software like Xero and QuickBooks. This can save companies time and effort by automatically syncing financial data between different tools. The result is a more efficient, streamlined financial management process, leading to fewer mistakes and an enhanced customer experience.

Challenger banks will only continue to promote further integrations with new technologies in the future, as this has been at their core from the very beginning.

Better control over spending

Losing track of payments and overspending can be all too easy. For smaller businesses especially, keeping tabs on spending is vital. Thankfully, challenger banks allow companies worldwide to take control of their spending. 

Innovative transaction monitoring and payment automation are crucial features, simultaneously helping businesses keep an eagle eye on transactions while saving time. As an alternative finance provider, we provide real-time payment services, spend notifications and remote account access. These features can be game-changing for a company stuck in the mire of traditional banking's slow and laborious services.

Another feature that plays a crucial role in our own set of services is diverse currency access. At 3S Money, we provide access to over 65+ currencies, from the Angolan Dwanza to Zimbabwean Dollar. This can be truly transformative to your business, opening doors worldwide and providing frictionless payments and trading internationally.

For any company, cross-border financial freedom is truly liberating. 3S Money helps you take your business operations global while lowering the foreign exchange (FX) cost.

We have also ensured all our clients have as much transparency and control as possible. That's why we created our unique client dashboard to consolidate all your local business accounts into one place. In addition, every 3S Money account has a dedicated client relationship manager to ensure businesses are fully supported.

Improving customer experience with challenger banks

It doesn't matter if you're a B2B or B2C company - providing an exceptional customer experience is vital. One of the many positive developments from the formation of alternative finance providers is an improved customer experience. Here are a few ways that challenger banks have made this happen:

Diverse payment services

In an ever-evolving online ecosystem, many payment services are now available. Unfortunately, traditional banks fail to grasp the importance of offering these services to businesses. As always, innovative fintech companies thrive where traditional banks fail to evolve. 

For example, Klarna is a fintech company allowing customers to purchase items and pay back the amount in instalments. Many companies also offer seamless mobile payments following the increased use of phones for online shopping. 

Ultimately, the more checkout and payment services available – the more control customers have over how and when they pay. This freedom leads to a more satisfactory customer experience.

Real-time payment processing

Customer and client expectations continually change, but speed and security remain vital. Traditionally, in international payments, processing can take an age. With 3S Money, the opposite is true, with instant transactions and real-time processing making things simpler, faster, and more secure.

Building personal payment relationships

ur world is deeply connected. Why, then, are middlemen necessary within payment relationships? Short answer: they're not. Challenger banks cut out the middlemen and instead cultivate a personal payments relationship between business and customer.

The result is a more engaging and beneficial customer experience for both sides. Regarding customer acquisition strategy, this relationship could make a difference.

Security and privacy

No consumer should feel they have to choose between security and speed. Despite the murmurings you may hear from traditional banks, challenger banks and fintech companies prioritise security and privacy over all else. 

Here at 3S Money, safeguarding is guaranteed. We act with complete transparency and retain all our liquidity. Our banking partners safeguard all funds, meaning your money is 100% protected. With DUO Mobile 2-step authentication, we have also tightened the lock on our security for payments and logging, giving you extra peace of mind.

A client-centric outlook

At 3S Money, we put the client at the heart of everything we do and process payments with the respect they deserve. From easy payment management to higher security, the client always comes first. This client-centric outlook informs everything we have and will develop.

With this in mind, we assign every client a dedicated account manager - a real person with international payments experience. Unlike traditional bank services, help is just a click or call away at 3S Money.

Flexible payments are powerful

We'll tell it straight: traditional banks are not flexible. Their services often fail to meet the needs of international businesses, and local and global payments can take time. It doesn't have to be that way, though.

Challenger banks are the antithesis of slow and inflexible, offering ultra-fast payment times, various flexible options for both sides, and the continual development of new features. These extra options vary from company to company. Here at 3S Money, we offer the following:

  1. Instant batch payments in multiple currencies to multiple recipients

  2. A credit line for businesses

  3. Sustainable foreign exchange rates with forward contract options

  4. Instant local IBAN access

  5. Full Client Management service

These features can catalyse sustainable and long-lasting growth for international businesses looking to streamline their payment systems. When using traditional banking systems as they are, this growth is just not possible.

Open an International Business Account with 3S Money

With their flexible, instant, and transparent payment systems, challenger banks are rapidly gaining trust over traditional banking systems. That's not a surprise when their services aren't fit for purpose in an online world where international payments are vital. 

That's why 3S Money exists – to solve the frustrating and unnecessary bureaucracy that impacts financial and customer experience management.  

3S Money is leading the charge in the digital banking revolution, giving small and mid-sized businesses around the globe access to innovative services. With an international focus, we aim to provide fairer financial services to every company that needs them.

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