Tide, the UK’s leading business banking platform, has today announced a new partnership with London-based FinTech DueDil to further improve their account opening experience.
The partnership will see Tide using DueDil’s company intelligence platform, providing insights on over 50 million companies worldwide, to speed up mandatory Know Your Customer (KYC) checks and provide a quicker and more seamless process for small businesses to open a Tide account.
Tide is working to transform the SME banking market, using the latest technology to offer quick, smart and integrated services to small businesses. Traditionally, it can take weeks to open a business account, with some banks still holding face to face meetings to verify customers. Tide prides itself on allowing business owners to open an account in minutes, and is continually working to improve the onboarding experience.
By integrating DueDil’s API, Tide will be able to get an accurate view of their customers, reduce the time analysts spend conducting manual KYC checks and ultimately increase automatic onboarding. Tide will implement DueDil’s integrated solution to automate the customer onboarding journey by providing rich company information instantly via their API. Working with DueDil will give Tide real-time, accurate, company intelligence, improving their ability to analyse risk, reduce customer onboarding times and process higher application volumes at an increased speed.
Tide’s partnership with DueDil brings them one step closer to realising their aim of becoming the number one business banking challenger creating a genuine alternative to high street banks.
Laurence Krieger, Chief Operating & Product Officer at Tide said: “One of the main reasons SMEs decide to use Tide for their business banking is because they have the opportunity to open an account within minutes through the app. Entrepreneurs don’t have the time to go through lengthy processes, and so we are all about using technology to find ways to reduce time spent on banking and admin. We are delighted to be entering a partnership with DueDil to improve our account opening process and offer an even better experience to our members.”
Justin Fitzpatrick, Co-Founder and CEO of DueDil, commented: “Since their founding, Tide has put UK SMEs at the center of everything they do. Their journey to date is a testament that this message is resonating. By partnering with Tide at this important time for the market, we’re committed to showing that regulatory compliance and customer experience can go hand in hand. Now more than ever, SMEs need financial partners that understand their business and can provide them with flexible support. Tide’s use of our web application and API will allow them to provide their customers with a slicker experience and more personalized service, ultimately reaching more small businesses in need. We’re excited to be working with Tide in this next phase of their growth.”