What does onboarding mean?

Onboarding refers to the actions you take on your way to receiving a service. To open a Bilderlings account and make use of the fintech platform’s other advantages, you should sign up, submit the necessary documents, and access the system. The entire journey is now much simpler, faster and more convenient than ever before.

What advantages does online onboarding provide?

• Immediate system access upon registration. This is a demo version of your current account – familiarise yourself with the interface before an account is opened.
• In demo access mode, you can already start receiving internal payments.
• The main advantage of online onboarding is the speed with which your account is opened. If there are no issues with your documents, we will automatically grant account access in just a few minutes.

What affects the time it takes to open an account?

Here are a few suggestions to speed up your account opening process:

1) It is better to take a photo than to scan a document. Scanned images unfortunately often happen to be in poor quality, which means we will have to ask you to resubmit the affected document.

2) Identical spelling of your name and surname in each document. Your personal data should be spelled out in Latin script and perfectly match the spelling indicated in your passport.

3) The address on your utility bill should correspond to the address of your place of residence, and the personal data in the invoice should match the spelling on your identity document (passport or ID card).

If all data have been provided without issue, you will be able to use the current account within minutes! If you have not been granted account access immediately, don’t worry – some information just needs to be double-checked. We will set up your account within 1-2 days.

What about online onboarding for legal entities?

This will also be available soon. Businesses do require more documents than individuals, so we want to take time and get our automatic onboarding implementation right. We hope to launch it in several months.

Bilderlings is a British fintech providing financial services since 2015. A current account with Bilderlings is available to individuals and legal entities. With a dedicated IBAN it enables GBP, EUR and USD transfers to 150+ countries, supporting SWIFT, SEPA, FPS and Chaps, currency exchange, Mastercard, and you will have a dedicated manager assigned to your account.

The post British fintech platform Bilderlings launches online onboarding for individuals appeared first on DiTech Media.

Jurijs Meitalovs, Dr.sc.Ing., head of IT at the British fintech platform, Bilderlings

So, you’ve got a cool idea, and need the software to drive it. What should you do: devote your labour to developing a bespoke solution, or rent a service? Either option comes with its advantages and its issues, so here’s a quick rundown.

Every fintech business is faced with this decision – either to produce a standalone software solution or to rent one from a service provider. To be more precise, there are three distinct options:

• renting ready-made software (Software-as-a-Service, or SaaS solutions),
• commissioning software development from a third party (outsourcing), or
• allocating your own IT team to develop a solution.

The choice hinges on your specific needs, available alternatives, and how soon you have to launch.

Your business profile

If you’re creating something outside the box, making your own tools will be more convenient. Fintech companies find that working with an in-house product is both quicker and easier – with a continual cycle of necessary improvements and modifications that are cheaper and faster to produce for a dedicated team of colleagues. At the same time, the modern software landscape is rich in useful services and pre-packaged solutions that could simplify the early stages of development and integration of other systems (client onboarding services, AML checks, analytics etc.) down the line.

Getting everything right early on

Whether you choose to buy someone else’s product or hire software engineers who will take a year of development to reach marketability – the price tag could end up about the same. With a pre-made solution, you can launch immediately and spend the entire year selling and turning a profit (instead of software development and integration). But, if you work on a custom product, enhancing and expanding it will be much cheaper and easier in the long run.

Ready-made solutions: pros and cons

At first, this scenario seems ideal: with limited investment, you could launch your product tomorrow if you really wanted to. Just buy a platform and the relevant banking systems, hire an IT team to integrate the solution, and you are done. Eventually, however, you will hit the ceiling of any third-party platform’s capabilities and customisation options.

The platform you have bought could be unable to support features that eventually become indispensable. It might hit a technological limit, unable to develop your product further. You could end up having to pay too high a cost for essential customisations. As a result, your total spending could run much higher compared to in-house development.

SaaS: what are the risks?

First and foremost, your service provider could simply go out of business. This would disable your product outright.

Another major risk is data leaks. Any data stored offsite is data you can’t control and make 100% sure it remains in good hands. If a leak occurs on the supplier’s side, you still carry the reputational and financial risks.

Risks with standalone development

Nobody is insured against conceiving a product incorrectly.

Over time, most IT systems expire once a new feature becomes impossible to add and support. This often happens as the number of your clients grows – if your software can’t perform at scale, you will hit a wall.

***

All things considered, your choice depends on the primary resources you have at your disposal.

Time

Can you wait a year to launch? —> Develop your own

Need to launch ASAP? —> SaaS

Funding

Have enough investment to support a dedicated software solution? —> Develop your own

Limited seed investment? —> SaaS

Market

Are there multiple offers on the market that can support your idea? —> SaaS

Is your idea so unique that existing solutions aren’t entirely adequate yet? —> Develop your own

People

Have the energy, time and money for an in-house IT team? —> Develop your own

Can’t afford a sizeable IT department? —> SaaS

Important things to consider before you start:

* potential earnings from launching immediately with a rented service (i.e., the potential lost profits from taking a year to develop your solution);

* growth ambitions: as workloads scale up, rented solutions will require modifications and updates, which may cost more than starting off with a dedicated software product.

Whatever your circumstances, there is no ideal scenario. There are many factors to consider. Your greatest asset in this business is the ability to weigh multiple relevant factors and adjust to the situation at hand.

The post To rent or to own? Where to buy fintech software? Make the right decisions with this checklist appeared first on DiTech Media.