The process is different thought, developed from scratch – and he convinced. How Neo-Bank Yapeal takes new customers on board.
The FinTech Yapeal is building a completely new digital bank on a greenfield site – “front-to-back”, complete with a state-of-the-art cloud native backend, scalable system (low costs), own APIs and own license, to be sustainable in the market to be able to exist. Yapeal starts first in Switzerland, in other steps in other countries.
The Greenfield project of Yapeal
Green is only the meadow at Yapeal, the crew is not. The makers have consistently and individually many years of experience in financial institutions, large banks or card companies and have the necessary skills in all key disciplines. Taken together, there is a team with new ideas, know-how, competence and clout at work. A highly motivated crew with clear plans and goals. No less than a new form of banking is on the agenda, which should make the financial lives of people easy and simple.
We at Editors have been accompanying the Swiss Greenfield project exclusively for our readers since the beginning, and to a certain extent watching how a new bank is created. With us a growing community that is maintained and professionally looked after by the Yapeal-makers. The startup has put the community at the center right from the beginning, out of the conviction that even a neo-bank with a strong idea runs the risk of overproducing its client if it is not close to these customers. Already today, not just during the rollout.
Customer or Yapster?
A customer does not become a Yapster until the new bank enters the market – the community is already in the boat today and talking. After all, it’s about her bank. Or the bank of their wishes. Or the bank that is not supposed to be one, but rather a smart app that makes the entire financial life of people wonderfully easy. And because “simple” not all understand the same, just as individual as a particular Yapster that just needs and wants.
If the Yapster changes his life circumstances, his financial priorities or requirements, then his bank or even his app should follow him. Not the other way around. “Join the Movement,” says Yapeal, moving the community as well. At the end of the third quarter, beginning of the fourth quarter of 2019, Yapeal will launch the first functions in the market – the community will be there before, testing the cloud-based “Digital to the Core” solution and actively shaping the Bank of the Future.
The onboarding of the present: ten minutes with video identification
Onboarding as a digital reality is one of the important and demanding processes. Important, because a customer can quickly lose the desire to Kundewerden, if the onboarding cumbersome, complicated or otherwise works cursed. Demanding because many regulatory requirements related to identification and verification of the individual must be met when new customers are taken on board.
This onboarding balancing act currently works digitally at numerous banks and financial service providers, but is often associated with hurdles and media discontinuities. Video identification is considered state of the art, but is more of a common evil that not all customers can enjoy. It also sets hurdles when a prospective customer at twelve o’clock or five in the morning feels like being a customer. He will be careful not to meet someone in pajamas and with a teasing hairstyle by video who should identify him.
Today’s fast onboarding is when the entire process takes about ten minutes. That’s not really fast, that’s just the time frame that the process needs and gets used to. Is it also different?
Yapeal’s Onboarding: A three-minute digital walk
The makers of Yapeal have invited us to test their onboarding application, with the briefing: Forget everything you know, come as an average user without practice and experience, make mistakes and just look.
To anticipate: Yapeal has developed the first digital onboarding in Switzerland, which works without video and without conversation partners “on the other side” and can be described as a three-minute walk with lust components and without hurdles.