Forget walking down the high street to queue at your bank branch to set up an account, make a deposit or do any other basics of business banking. Thanks to the rise of mobile and online banking, such tasks can be done with a few taps on a smartphone between meetings. But the future of business banking isn’t just digital – it’s about integrated services and linking up with third-party software to make your finances as streamlined as possible.
That’s the idea behind open banking, which is a set of regulations that lets your financial data be shared, opening up the way for new services and apps. Indeed, it’s helped spark the rise of so-called “challenger” banks, which are normally digital only, each with intuitive apps, near-instant account setup and handy features such as instant notifications and automated roundups for saving pots. But as compelling as they are, the likes of Monzo, Revolut and N26 started their push into the world of finance via consumer accounts for individuals, leaving small businesses behind.