Banking for small businesses can be a frustrating affair. Owners of these businesses have very specific needs, and are usually operating under a time crunch. Luckily, FinTech companies are working with Banks to meet these needs more effectively than ever before.
I took the opportunity to chat with Andrew Shaw, Manager, Digital Platforms on Zafin Origin, a solution designed specifically to improve banking for small businesses.
Cam: It’s not always easy for small business owners to bank. Can you explain some of the challenges they face?
Andrew: I think business owners have the same problem and it’s across the board. It’s time. They have no time. They don’t have time to waste in a branch spending hours going through an application or following standard KYC and compliance forms. They want to be able to sign up for products very easily and from their own office. They don’t want to have to go into a branch.
Before we launch into what it does, can you give a brief overview about the product you work on?
In a nutshell, Zafin Origin is all about getting the right product to the customer at the right time and also creating a really great experience for them to onboard with the bank as quickly as possible. And, this platform is responsive in nature so it will work across any device, any browser, at any time. That’s what makes Zafin Origin so unique.
That makes perfect sense. So if a bank has Zafin Origin they can save small businesses time?
Traditionally, business owners have to go into a branch and the application process to create a new operating account or even sign up for a new, lets say, credit card product, is very long and it takes hours. So, we do this all instantly with Zafin Origin so we’re saving time for the bank and for the business owner at the same time.
Besides saving time, how else does Zafin Origin improve banking for small businesses?
The thing is, with traditional banking, it’s one solution for the masses. Zafin Origin gets rid of this problem by actually creating customized solutions that are geared towards those business owners. So I, as a business owner, can go and watch Zafin Origin and put in details that are critical to my business and I’ll get a product recommendation that is unique to me and only me. So, instead of having just a cookie cutter approach to business, it’s more about one-to-one relationship.
It’s pretty obvious that Zafin Origin benefits the end user. But if I’m a banker reading this, how does this help me?
The great thing is with Zafin Origin, aside from having a customized product solution, we follow really great standards when it comes to user interface. That means that we make it very easy for you to easily add additional products and authenticate yourself if you are an existing client with the bank. Additionally we have bundle link solutions so, if you sign up for more than one product, lets say, you can actually create an annual savings.
Right now, Zafin Origin is squarely focused on banking for small businesses. But what lies in its future?
Zafin Origin is an evolving platform right now. It is a software as a service. I personally envision Zafin expanding from being just small business to actually taking over the whole retail space.
I see Zafin Origin connecting to our entire enterprise suite so, this will allow us to offer true precision pricing capabilities for our customers. This means better deals based on who you are and your relationship with the bank.
And then finally, I think we can do away with manual fulfillment of products. I think with Zafin Origin we have the capabilities to connect to those legacy systems and do end-to-end fulfillment in real time.
Zafin (@zafin) is a leading financial technology provider that enables banks to form richer, more personalized client relationships. Built from the ground up for financial services, its platform empowers banks to enhance revenue and operational efficiency. Founded in 2002, Zafin sits among North America’s top FinTech companies, and is trusted by retail and corporate units at some of the largest banks worldwide. Headquartered in Toronto with global offices, Zafin has a proven track record with a 100 percent client retention rate as validation.
Cam is the Digital Communications and Marketing Coordinator at Zafin. With a background in journalism and a passion for blogging, Cam strives to tell compelling digital stories. At Zafin he will share the latest trends and news in the FinTech world, and share Zafin’s role as leader in the industry. Follow him on Twitter @CamSmoth